from the economist:
Extremely dry and hot weather in Russia has caused a sharp reduction in wheat production and spurred the fastest spike in the global price of the crop since 1973. Similar conditions affected Ukrainian and Kazakh production, while heavy rainfall is taking its toll on Canadian output. The Russian government offered assurances that the country has sufficient stocks to maintain export levels.
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| Back to 2008 prices for food? |
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so if wheat prices go through the roof, as in the chart, what will manmohan singh do? make soothing statements that food price inflation will come down in the next six months? probably.
it's just another version of "let them eat cake"
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