"In 2008, the world witnessed a global food crisis. By March of that year, prices of food items were skyrocketing. Wheat saw a 130% price increase from a year earlier, soy was up 87%, and rice increased by 74%. The increase in the cost of food was mostly attributed to the rise in oil prices, droughts from previous years, a diminished stock of grain, and also the impact of the production of biofuels in developed nations (more grain was used for fuel and less for food). This clearly caused some problems because almost half of the world’s population considers rice as a stable in their diet and in many developed nations families spend more than half of their income on food (Nigerians spend 73%, Vietnamese spend 65%, and Indonesians spend half). So what did the people of developing nations do when their rice started to cost more? They protested.
In 2008 the President of the World Bank warned that 33 nations were at risk of riots, protest, and social unrest because of the rising food prices – and that is just what happened. People all around the world began protesting from Bangladesh to Burkina Faso, from Cameroon to Cote D’Ivoire, and from Haiti to India, Somalia, Yemen, and Egypt. Wait, Egypt?!
Yes, riots in Egypt broke out over the price of bread in 2008. With nearly 20% of Egypt’s population living on less than a dollar a day, a rise in the price of basic food products is a serious matter. So what is the correlation between the high food prices in 2008 and the price of food today?" ...(read the full blog post here)