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Starting in 2007, the prices of fertilizers of all kinds increased dramatically, peaking around the summer of 2008 (see graphs by the International Fertilizer Industry Association). Prices approximately tripled for ammonia , urea , diammonium phosphate , muriate of potash (KCl -potasium chloride), and sulfuric acid (used for making phosphate ...
One reason for the increase in food prices may be the increase in oil prices at the same time, leading to increased demand for and production of biofuels. For example, the use of maize (corn) for ethanol fuel production rose from 15% of total U.S. maize production in 2006 to 40% in 2012. [1]
The 2000s commodities boom, commodities super cycle [1] or China boom was the rise of many physical commodity prices (such as those of food, oil, metals, chemicals and fuels) during the early 21st century (2000–2014), [2] following the Great Commodities Depression of the 1980s and 1990s.
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The annual rate of grocery price inflation is the highest since this time last year; however, it’s a far cry from 2022 when it averaged 11.4% and peaked at 13.5% — well above overall inflation ...
The Food, Conservation, and Energy Act of 2008 (Pub. L. 110–246 (text), H.R. 6124, 122 Stat. 1651, enacted June 18, 2008, also known as the 2008 U.S. Farm Bill) was a $288 billion, five-year agricultural policy bill that was passed into law by the United States Congress on June 18, 2008.
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While the rice crisis did occur at the same time as the 2007–2008 world food price crisis, Tom Slayton has argued the spike in rice prices are a special case. [2] Slayton argues that the price increases were a result of rising oil and petrochemical prices (peaking in July 2008); and export restrictions by a number of countries. [2]