Global food price spike due to drought

bad corn

The drought that desiccated the Midwest severely reduced the quality and quantity of this year’s corn harvest. This isn’t news in and of itself. The international impact of the drought, however, is.

Yesterday, the World Bank announced that global food prices went up substantially in July.

Global food prices soared by 10 percent in July from a month ago, with maize and soybean reaching all-time peaks due to an unprecedented summer of droughts and high temperatures in both the United States and Eastern Europe, according to the World Bank Group’s latest Food Price Watch report.

From June to July, maize and wheat rose by 25 percent each, soybeans by 17 percent, and only rice went down, by 4 percent. Overall, the World Bank’s Food Price Index, which tracks the price of internationally traded food commodities, was 6 percent higher than in July of last year, and 1 percent over the previous peak of February 2011.

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