The 2007-08 Rice Price Crisis - How policies drove up prices... and how they can help stabilise the market

Fao Economic and Social Development Department

No 13EN, FAO - Economic and Social Perspectives from Economic and Social Development Department of the Food and Agriculture Organization of the United Nations (FAO)

Abstract: After increasing slowly and steadily from historic lows, world rice prices tripled in just six months during 2007-08. The price surge caused much anxiety because so many of the world’s poor are rice consumers. And it caught many by surprise as market fundamentals were sound. Indeed, it was government policies, rather than changes in the production and consumption of rice, that drove the surge. This suggests that improved government policies can help avert such crises in the future.

Keywords: rural development; hunger; food security; economic crisis; prices; agriculture (search for similar items in EconPapers)
JEL-codes: O13 Q11 Q18 (search for similar items in EconPapers)
Pages: 2 pages
Date: 2011
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