Brace yourself for some painful “agflation”. That is the shorthand for agricultural commodity inflation, otherwise known as rising food prices.
They are being driven upwards by the climb in grain and oilseed prices as US crops weather the country’s worst drought since 1936, while the farming belts of Russia and South America suffer through similar water shortages.
What we are seeing represents the third major rally in global grain and oilseed prices [...]
Insect swarms allowed to breed and spread from Libya following Gaddafi’s death
Despot had carried out well-resourced pest control on insects until his death
Agricultural experts fear swarms could be devastating for croplands in neighbouring Niger and Mali
The Arab Spring and the fall of Colonel Gaddafi have continued to have long-lasting effects across the entire African continent, after agricultural experts warned of swarms of locusts about to move from Libya into neighbouring [...]
From the FT article, which we are confident Ben Bernanke will never read:
Food prices hit a record high last month, surpassing the levels seen during the 2007-08 crisis, the UNâ€™s Food and Agricultural Organisation said on Wednesday.
The Rome-based organisation said the increase did not constitute a crisis. But Abdolreza Abbassian, senior economist at the FAO, acknowledged that the situation was â€œalarmingâ€. He added: â€œIt will be foolish [...]
People won’t acknowledge the sting of inflation until their contraceptives and electronic gadgets get too expensive. The last time food prices hit ridiculous levels, the immediate outcome was global food riots in places such as Haiti and Bangladesh. Which is why distributors of riot equipment in the world’s poorest countries may be in for a bumper crop as the Food and Agriculture Organization has just [...]