Will The U.S. Drought Trigger Another Global Food Crisis?
Back in 2008, not long before the world’s financial system seized up, global food prices hit record highs. For many poorer nations around the world, it was a full-blown crisis. Riots broke out in dozens of countries from Cameroon to Egypt to Bangladesh. In Haiti, more than five people were killed and the government was toppled as the price of rice, beans, and fruit rose more than 50 percent. Could we see a repeat of that chaos this year? Could we see a repeat of that chaos this year? The newest report from the U.N. Food and Agriculture Organization (FAO) suggests that food prices still aren’t anywhere near 2008 levels yet, even after the massive U.S. drought has hurt corn and grain production. But there’s also reason for concern—in July, the FAO food index jumped the most in a single month since 2009.