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The 2007-08 Rice Price Crisis - How policies drove up prices... and how they can help stabilise the market

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  • FAO Economic and Social Development Department

Abstract

After increasing slowly and steadily from historic lows, world rice prices tripled in just six months during 2007-08. The price surge caused much anxiety because so many of the world’s poor are rice consumers. And it caught many by surprise as market fundamentals were sound. Indeed, it was government policies, rather than changes in the production and consumption of rice, that drove the surge. This suggests that improved government policies can help avert such crises in the future.

Suggested Citation

  • FAO Economic and Social Development Department, 2011. "The 2007-08 Rice Price Crisis - How policies drove up prices... and how they can help stabilise the market," FAO - Economic and Social Perspectives 13EN, Economic and Social Development Department of the Food and Agriculture Organization of the United Nations (FAO).
    • Handle: RePEc:fao:pbrief:13en
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    File URL: http://www.fao.org/economic/es-policybriefs/briefs-detail/en/?no_cache=1&uid=50498
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    More about this item

    Keywords

    rural development; hunger; food security; economic crisis; prices; agriculture;
    All these keywords.

    JEL classification:

    • Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy; Animal Welfare Policy
    • Q11 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Aggregate Supply and Demand Analysis; Prices
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products

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