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118 INDEX Commodity prices (continued)


of increases on poverty, 72; exchange rate movements and, 38–39; interest rates and, 39–40; macroeconomic impacts of increases in, 55–70, 58t; trends in, 10–11t, 13, 63–66, 65t, 82; volatility of, 42. See also Energy price increases; Food prices; Grain prices; Oil prices


Consumer price index (CPI), 62–63, 64f, 68, 69


Consumption: dietary changes, xiii–xiv, 14, 18, 97; intrahousehold food allocation, 76; target levels of, 93 Cooke, B., 42 Corn. See Maize


Council of Economic Advisors, 29–30 CPI. See Consumer price index Currencies. See Exchange rate movements; U.S. dollar


Dawe, D., 68


Demand inelasticity, of grain markets, 7, 8, 31 Dessus, S., 70, 73


Developing countries: agricultural develop- ment, 2–3, 93, 100–101; food insecurity in, 92; food prices in, 2, 62–70, 80; net food-importing, 56–57, 69, 99; safety net programs in, 97–98


Dietary changes, xiii–xiv, 14, 18, 97 Dollar. See U.S. dollar Dollive, K., 47, 49, 50


Domestic prices: consumer price index, 62–63, 68, 69; transmission of international prices to, 62–70, 80. See also Food prices


Donors. See Foreign aid Dutta, K., 77


Egypt, export restrictions of, 44 Elasticities of demand, 7, 8, 31 Elasticities of substitution, in grain markets, 69


Elasticities of supply, 7


Energy: usage by economic sector, 25, 26f, 103–4t; use in agriculture, 25, 26f. See also Biofuels; Oil


Energy price increases: production costs and, 27, 27t; role in food crises, xiii, 12–13, 21, 25–28, 51; transport costs and, 26, 80. See also Oil price increases Ethanol, 28, 30. See also Biofuels Ethiopia, agriculture in, 77 Euro area, 59


Europe: biofuel production in, 28, 29, 31; for- mer Soviet bloc countries, 21, 24f, 33, 35; grain exports of, 21; grain production in,


21, 24f, 49; soybean imports of, 8; wheat stocks of, 29, 33


Exchange rate movements, 38–39, 58–62. See also U.S. dollar


Export restrictions: as cause of food crisis, 6, 96, 98; of India, 19, 36, 44, 46, 48, 98; on rice, xiii, 36, 43–46, 45f, 77; of Vietnam, 44; on wheat, xiii, 46–49, 48f Exports, fertilizer, 88. See also Grain exports


Famine Early Warning Systems Network (FEWSNET), 63, 69, 95 Fan, S., 42 FAO. See Food and Agriculture Organization FAPRI. See Food and Agricultural Policy Research Institute


Fertilizers: exports of, 88; prices of, 11t, 13, 25, 72, 77, 81, 88; production costs of, 25; subsidies for, 77, 101; use of, 21, 23f FEWSNET. See Famine Early Warning Systems Network


Financial crisis (2008), 69, 100 Financial markets. See Futures markets Food: dietary changes, xiii–xiv, 14, 18, 97; global system of, 93, 94, 94f, 95–97, 100; intrahousehold allocation of, 76. See also Food crises; Food prices; Grain prices Food aid, 88, 93, 94, 99


Food and Agricultural Policy Research Institute (FAPRI), 30


Food and Agriculture Organization (FAO), 56, 75, 76, 95


Food crises: potential for future, xvi–xvii, 3; predicting, 94–95; preventing, 95–97; social protection and, 97–98. See also Food price increases


Food crisis (1972-74): causes of, 82–88, 89–90t, 91; comparison to 2007-08 crisis, xvi, 81, 88, 89–90t, 91; predictability of, 94–95; price trends in, 9, 10–11t, 13, 81; responses to, 92, 95, 96, 101; timeline of events in, 83f


Food crisis (2007-08): comparison to 1972-74 crisis, xvi, 81, 88, 89–90t, 91; consequences of, xv–xvi, 1, 54–55; effects on poor, xii; predictability of, 94–95; price decreases after, 13–14, 81; price trends in, xii, xvi, 8–9, 10–11t; suggested solutions for, 2–3; timeline of events in, 14, 15f


Food crisis (2007-08), causes of: academic literature on, xiii–xv, 1–2; agricultural productivity decline as, 20–21; biofuels demand as, xiii, 28–31, 33, 51; comparison to 1972-74 crisis, 88, 89–90t, 91; debates on, 1; demand growth in China and India


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