A Note on Rising Food Prices
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World Bank, Washington, DC
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The rapid rise in food prices has been a
burden on the poor in developing countries, who spend
roughly half of their household incomes on food. This paper
examines the factors behind the rapid increase in
internationally traded food prices since 2002 and estimates
the contribution of various factors such as the increased
production of biofuels from food grains and oilseeds, the
weak dollar, and the increase in food production costs due
to higher energy prices. It concludes that the most
important factor was the large increase in biofuels
production in the U.S. and the EU. Without these increases,
global wheat and maize stocks would not have declined
appreciably, oilseed prices would not have tripled, and
price increases due to other factors, such as droughts,
would have been more moderate. Recent export bans and
speculative activities would probably not have occurred
because they were largely responses to rising prices. While
it is difficult to compare the results of this study with
those of other studies due to differences in methodologies,
time periods and prices considered, many other studies have
also recognized biofuels production as a major driver of
food prices. The contribution of biofuels to the rise in
food prices raises an important policy issue, since much of
the increase was due to EU and U.S. government policies that
provided incentives to biofuels production, and biofuels
policies which subsidize production need to be reconsidered
in light of their impact on food prices.
Palabras clave
AGRICULTURAL EXPORTS, AGRICULTURAL MARKETS, AGRICULTURAL PRODUCTS, AGRICULTURE, ANIMAL FATS, BANANAS, BEETS, BIODIESEL, BIOFUEL, BIOFUEL PRODUCTION, BIOFUEL USE, BIOFUELS, BIOFUELS PRODUCTION, BY-PRODUCTS, CEREAL PRICES, CEREALS, CLIMATIC CONDITIONS, COMMODITY, COMMODITY PRICE, COMMODITY PRICES, CONSUMER PRICES, CONSUMERS, CORN, CORN PRICES, COST INCREASES, COTTONSEED, CROP, CROP PRICES, CROP PRODUCTION, CROP PROSPECTS, DEBT, DEMAND FOR FOOD, DEMAND GROWTH, ELASTICITY, ENERGY PRICES, ETHANOL, ETHANOL PRODUCTION, EXCHANGE RATES, EXCISE TAXES, FAO, FARM, FERTILIZER, FINANCIAL CRISIS, FLAX, FOOD EXPORTS, FOOD GRAINS, FOOD POLICY, FOOD POLICY RESEARCH, FOOD PRICES, FOOD PRODUCTION, FOOD PRODUCTS, FOOD RIOTS, FOODS, FORECASTS, FOSSIL FUELS, GRAIN, GRAIN CONSUMPTION, GRAIN PRICES, GRAIN PRODUCTION, HOUSEHOLD INCOMES, IFPRI, INFLATION, INTERNATIONAL FOOD POLICY RESEARCH INSTITUTE, MAIZE, MAIZE PRODUCTION, MARKET DEVELOPMENTS, MARKET PRICES, MEAL, MEATS, OILSEED PRICES, OILSEEDS, PALM OIL, PALM OIL PRICES, POULTRY, POULTRY INDUSTRY, PRICE INCREASE, PRICE INCREASES, PRICE INDEX, PRICE INFLATION, PRODUCE, PRODUCTION COSTS, PROTEIN, RAPESEED, RENEWABLE FUELS, RETAIL, RETAIL PRICES, RICE, RICE PRICE, RICE PRICES, RICE PRODUCTION, SOYBEAN, SOYBEAN OIL, SOYBEAN PRICES, SOYBEANS, STARCH, STOCKS, SUBSTITUTES, SUBSTITUTION, SUGAR, SUGAR CANE, SUGAR CROPS, SUNFLOWER, SUNFLOWER OIL, TOTAL COSTS, VEGETABLE OIL, VEGETABLE OILS, WHEAT, WHEAT FUTURES, WHEAT PRICES, WORLD MARKET, WORLD MARKETS, YIELDS