A drought in Russia, prompting an export ban on wheat, and an unexpectedly poor corn harvest in America both took their toll. And the price of agricultural commodities could continue on their upward path. The world should prepare for “harder times ahead” according to the UN's Food and Agriculture Organisation unless production of food crops increases significantly next year. China's government is even considering price controls on food (and energy) to tame inflation and head-off popular discontent. Yet as the index shows, in real terms food is still cheaper than it was 30 years ago.
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