THE WORLD FOOD CRISIS AND THE COUNTRIES OF THE EAST
The global financial crisis is far from the only one that has affected the modern global economy. Every year the world needs more and more food. "Man shall not live by bread alone." 8: 3; Mt 4: 4; Lk 4: 4], but the era of free bread seems to be a thing of the past. Paraphrasing a well-known biblical maxim, one could probably say: "Man will live on expensive bread." In 2007-2008, world food prices increased by an average of 80-90%, and for some goods-more than three times. The instability of the dollar provoked financial speculation with grain futures, which caused a price spiral and new price turns at a higher level. In 2007-2008, there was a sharp influx of "hot money" from the stock market to commodity exchanges, where quotes for most agricultural products are set. Speculative operations have become more active in the real goods markets in the context of an upward environment [http://www.fondsk.ru...]. The rise in food prices, which was called "agflation" (agricultural inflation), was particularly intense in the East until mid-2008.: meat - 40-60%, cereals and corn-50-70%, milk and butter - 60 - 80%, vegetable oil - 80 - 100%. The price of a ton of Thai rice, for example, increased in 2008 to $ 1,000, i.e. 3.5 times compared to the level of 2007. The world price of wheat increased 2.3 times to $ 400. per t [http://www.time...]. High yields and the global financial crisis "dropped" food prices in the second half of 2008. "Agflation" led to the fact that global agricultural producers significantly increased production, attracting relatively cheap loans. This, in turn, caused an oversupply in the market. In the context of the financial crisis and a sharp drop in oil prices, food prices began to fall, and loans became more expensive. By the end of 2008, prices for grain, vegetable and animal oils had almost halved. According to Russian researcher A.V. Akimov, the prices of those food products that are mainly consumed by the poor turned out to be the least stable [http ... Read more
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17.07.2024 (276 days ago)
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