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Economic Essay

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Critical Economic Analysis

Causes for the Increase in Food Prices.

Within recent times the world has been witness to a higher level of food price inflation. The causes of this increase have been attributed to many international factors and as such every nation within the global village are affected. The effects of food price inflation have many adverse effects and as can be expected some countries have been successfully able to bolster any increase while other especially lesser developed countries have not. There have already been riots about food prices in Mexico, West Bengal, Morocco, Senegal and Yemen. Even in Trinidad & Tobago there have been rumblings among the populace about the steady increase in the cost of purchasing food. The factors that account for the rise in food prices are but certainly not limited to the following:

1. Oil Prices

The first is the huge rise in oil prices: $100USD a barrel means food that is four-times as expensive to plant, irrigate, harvest and transport as it was six years ago. Some commodities brokers are now betting on oil going to $200USD a barrel within a decade. Therefore with every aspect of food production surging in expense, it can be expected that the cost of purchasing it would also increase.

2. Global Climate

The second factor is the climate: drought, hurricanes and floods around the world last year made for terrible harvests - from Australia to the Caribbean and the United Kingdom. This resulted in a sharp decrease in supply globally causing the price of many types of different foods to soar.

3. Economic Rise in India and China

Around the world, and through history, people have eaten more meat as they have become richer. This is called the nutrition transition and it's now happening, very quickly, in the two most populous nations on the planet. There is increased demand for not only meat but other staples as well. With increased demand came the increase in price

4. BioFuel in the USA...

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