High Food Prices, Latin American and the Caribbean Responses to a New Normal

Yet the current situation differs from 2007-2008 in critical respects. First, recent international price increases are more widespread across agricultural commodities than in 2008, when price spikes were led by few grains such as wheat and rice. Se...

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Bibliographic Details
Main Author:	World Bank
Format:	Working Paper
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCESS TO FOOD ACCESSIBILITY AGRICULTURAL COMMODITIES AGRICULTURAL DEVELOPMENT AGRICULTURAL INNOVATION AGRICULTURAL OUTPUT AGRICULTURAL POLICIES AGRICULTURAL POLICY AGRICULTURAL PRICES AGRICULTURAL PRODUCTION AGRICULTURAL PRODUCTIVITY AGRICULTURAL RESEARCH AGRICULTURAL RESEARCH EXPENDITURES AGRICULTURAL SECTOR AGRICULTURAL SECTORS AGRICULTURAL SUPPORT AGRICULTURAL TECHNOLOGY AGRICULTURE ANDEAN REGION AUCTION AVERAGE TRAVEL SPEEDS BANANAS BASIC FOOD BASKET BEEF BORDER CROSSINGS BOTTLENECKS CALORIC INTAKE CARIBBEAN REGION CASH TRANSFER PROGRAMS CASH TRANSFERS CEREALS CHRONIC POVERTY CHRONICALLY POOR CLIMATE CHANGE COLD CHAIN COMMODITY PRICE COMMODITY PRICES COMPETITIVENESS CONSUMER PRICE CONSUMER PRICE INDEX CONSUMER PRICES CONSUMPTION BASKET CONSUMPTION DATA COPING BEHAVIORS COPING MECHANISMS CORN COST-EFFECTIVENESS CROP VARIETIES CROP YIELDS CROSSING DECLINE IN POVERTY DEVELOPING REGIONS DIETARY DIVERSITY DIRECT BENEFICIARIES DOMESTIC MARKETS DOMESTIC PRICES DOMESTIC TRANSPORT DRIVERS DRIVING ECOLOGICAL ZONES ECONOMIC SHOCKS ECONOMIES OF SCALE EXPENDITURE EXTREME POVERTY EXTREME POVERTY LINE FAIR FAMILIES WITH CHILDREN FARMERS FARMLAND FINANCIAL MARKETS FOOD CONSUMPTION FOOD CONSUMPTION PATTERNS FOOD DISTRIBUTION FOOD FIT FOR HUMAN CONSUMPTION FOOD FOR WORK FOOD MARKETS FOOD PRICE FOOD PRICES FOOD PRODUCERS FOOD PRODUCTION FOOD PRODUCTS FOOD RESERVES FOOD SECURITY FOOD TRANSPORT FOODS FOODSTUFF FREIGHT FREIGHT COSTS FRUITS FUEL FUEL PRICE FUEL PRICES FUELS GLOBAL FOOD SUPPLY GRAINS GREENHOUSE GAS GREENHOUSE GAS EMISSIONS HIGH TRANSPORT HOUSEHOLD CONSUMPTION HOUSEHOLD SURVEY HOUSEHOLD WELFARE HUMAN CAPITAL HUMAN DEVELOPMENT HYDROCARBONS IFPRI INCOME INCOME GAINS INCOME GROWTH INCOME ON FOOD INCOME POVERTY INCOME TAX INEQUALITY INFLATION INSTITUTIONAL CAPACITY INVENTORIES LABOR MARKET LACK OF INFRASTRUCTURE LAND AVAILABILITY LAND USE MAIZE MALNUTRITION MARKET DEVELOPMENTS MARKET INTEGRATION MARKET SHARE MARKETPLACE MICRONUTRIENT DEFICIENCIES MILK MILLS MODES OF TRANSPORT NUTRITION ORANGES PACKING PALM OIL PIG MEAT POLITICAL ECONOMY POOR FAMILIES POOR HOUSEHOLDS POOR PEOPLE POOR PERSON POPULATION DENSITY PORT INFRASTRUCTURE PORT OF ENTRY POST-HARVEST INFRASTRUCTURE POST-HARVEST LOSSES POVERTY ALLEVIATION POVERTY GAP POVERTY IMPACT POVERTY INDEX POVERTY LEVELS POVERTY LINES POVERTY RATE POVERTY REDUCTION PRICE INCREASE PRICE INCREASES PRICE LEVELS PRICE RISK PRICE STABILITY PRICE SUPPORTS PRICE VOLATILITY PRODUCTION TECHNOLOGY PROPERTY RIGHTS PUBLIC PARTNERSHIPS PUBLIC SPENDING PURCHASING RAIL REGIONAL DISPARITIES REGIONAL FOOD REGIONAL IMPACTS REGIONAL INTEGRATION REGIONAL LEVEL RICE RISK MANAGEMENT ROAD ROAD CONDITIONS ROAD INFRASTRUCTURE ROADS ROUTE RURAL RURAL AREAS RURAL DEVELOPMENT RURAL POOR RURAL POVERTY RURAL PUBLIC SAFETY SAFETY NET SAFETY NET PROGRAMS SAFETY NET SYSTEMS SAFETY NETS SANITATION SCHOOL FEEDING SCHOOLING SHORT-SEA SHIPPING SILAGE SOCIAL ASSISTANCE SOCIAL IMPACTS SOCIAL PROGRAMS SOCIAL PROTECTION SOYBEAN SOYBEANS STOCKS STORAGE FACILITIES STRUCTURAL REFORMS SUB-REGION SUB-REGIONS SUBSISTENCE SUBSTITUTE SUGAR SUPPLIER SUPPLY CHAIN SUPPLY CHAINS TARGETING TAX TECHNICAL ASSISTANCE TRANSFER PROGRAMS TRANSPARENCY TRANSPORT COSTS TRANSPORT INFRASTRUCTURE TRANSPORT SERVICE TRANSPORT SERVICE PROVIDERS TRANSPORTATION TRANSPORTATION COSTS TRANSPORTATION INFRASTRUCTURE TRAVEL TIME TRIP TRUCKS URBANIZED REGION VEGETABLES VEHICLES VOLATILITY VULNERABLE GROUPS VULNERABLE HOUSEHOLDS WEANING FOODS WELFARE MONITORING WHEAT WHEAT FLOUR
Online Access:	http://documents.worldbank.org/curated/en/2014/01/19459842/high-food-prices-lac-responses-new-normal http://hdl.handle.net/10986/18639

Description
Summary:	Yet the current situation differs from 2007-2008 in critical respects. First, recent international price increases are more widespread across agricultural commodities than in 2008, when price spikes were led by few grains such as wheat and rice. Second, natural resources are affecting food production: land and water constraints are more binding than in the past and weather induced production shortfalls are more of a factor now than it was 2008. Climate change also adds to this uncertainty, particularly since a larger share of grain exports are being produced in areas more exposed to climate variability. Third, long term structural changes in the markets are more clearly a major factor this time, as demand for feed and income-elastic foods under sustained and widespread income growth in emerging countries is increasing steadily. Fourth, the global stocks/use ratio for major cereals, which used to hover in the range of 30-35 percent in the 1980s and 1990s, has been around 20 percent after 2003 due largely to long-term policy changes in high-income countries; and stocks of some critical players are now at all-time lows. Global markets are currently experiencing the second sharp spike in food prices in the last four years. While no one has a crystal ball to predict with confidence the future prices of food products, there are good reasons to believe that structural factors affecting both supply and demand, discussed in this report, have recently evolved in ways that will increase the average levels and volatility of prices above those of recent decades. Ensuring that the world's populations, and particularly vulnerable groups, are adequately fed is one of the most important contributions of the World Bank to the global public good's agenda. This report describes how the current situation is affecting countries in the Latin America and Caribbean region, including the impact on different groups within countries, and proposes strategies to best assist our client countries in responding.

High Food Prices, Latin American and the Caribbean Responses to a New Normal

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