2007–08 world food price crisis | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-06-13

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/2007%E2%80%9308_world_food_price_crisis


00:02:25 1 Drastic price increases
00:03:05 1.1 World population growth
00:04:10 1.2 Increased demand for more resource intensive food
00:07:21 1.3 Effects of petroleum and fertilizer price increases
00:10:04 1.4 Declining world food stockpiles
00:10:58 1.5 Financial speculation
00:11:29 1.5.1 Commodity index funds
00:13:23 1.6 Effects of trade liberalization
00:14:40 1.7 Effects of food for fuel
00:20:49 1.8 Biofuel subsidies in the US and the EU
00:26:08 1.9 Idled farmland
00:26:50 1.10 Agricultural subsidies
00:28:21 1.11 Distorted global rice market
00:29:29 1.12 Crop shortfalls from natural disasters
00:33:17 1.13 Soil and productivity losses
00:34:23 1.14 Rising levels of ozone
00:35:47 2 Rising prices
00:38:18 2.1 In developed countries
00:38:28 2.1.1 United States
00:39:38 3 Effects on farmers
00:40:29 3.1 Relationship with 2008 Chinese milk scandal
00:41:17 4 Unrest and government actions in individual countries and regions
00:42:09 4.1 Bangladesh
00:43:00 4.2 Brazil
00:43:21 4.3 Burkina Faso
00:45:05 4.4 Cameroon
00:47:15 4.5 Côte d'Ivoire
00:48:02 4.6 Egypt
00:48:43 4.7 Ethiopia
00:48:59 4.8 Haiti
00:50:01 4.9 India
00:50:24 4.10 Indonesia
00:50:46 4.11 Latin America
00:51:11 4.12 Mexico
00:52:31 4.13 Mozambique
00:53:22 4.14 Pakistan
00:53:50 4.15 Myanmar
00:55:36 4.16 Panama
00:55:59 4.17 Philippines
00:57:27 4.18 Russia
00:57:53 4.19 Senegal
00:58:35 4.20 Somalia
00:59:03 4.21 Tajikistan
00:59:40 4.22 Yemen
01:00:23 5 Projections and early mitigation efforts
01:01:58 6 After the crisis
01:02:59 7 Actions by governments
01:05:32 8 Food price decreases



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SUMMARY
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World food prices increased dramatically in 2007 and the first and second quarter of 2008, creating a global crisis and causing political and economic instability and social unrest in both poor and developed nations. Although the media spotlight focused on the riots that ensued in the face of high prices, the ongoing crisis of food insecurity had been years in the making. Systemic causes for the worldwide increases in food prices continue to be the subject of debate. After peaking in the second quarter of 2008, prices fell dramatically during the late-2000s recession but increased during late 2009 and 2010, reaching new heights in 2011 and 2012 (see 2010–12 world food price crisis) at a level slightly higher than the level reached in 2008. Over the next years, prices fell, reaching a low in March 2016 with the deflated Food and Agriculture Organization (FAO) food price index close to pre-crisis level of 2006. Since then prices have been increasing, but As of May 2017  they have not reached crisis levels again.
The initial causes of the late-2006 price spikes included droughts in grain-producing nations and rising oil prices. Oil price increases also caused general escalations in the costs of fertilizers, food transportation, and industrial agriculture. Root causes may be the increasing use of biofuels in developed countries (see also food vs fuel), and an increasing demand for a more varied diet across the expanding middle-class populations of Asia. The FAO also raised concerns about the role of hedge funds speculating on prices leading to major shifts in prices. These factors, coupled with falling world-food stockpiles, all contributed to the worldwide rise in food prices.