The World Bank said that global food prices have hit "dangerous levels" as the Bank's world food index rose 29% higher than a year ago. What's causing higher food prices?
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Part of it is a shortage of wheat from last year's wildfires in Russia. Commodities traders profited from that, driving food prices up even further. Planet Money also mentions how the World Trade Organization won't allow the U.S. and EU to stockpile wheat and other grains, increasing food volatility. An increase of meat-eaters in the developing world, and subsidies for corn-based ethanol production, means grain for humans is being diverted to animals or cars. The issue is sure to be on the agenda at the meeting of the G-20 Finance Ministers this weekend.
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