A worldwide food crisis
Historically, only local governments worried about a widespread food crisis, but today, a sharp spike in food prices and the resulting food crisis can quickly become a worldwide phenomenon. Recent droughts along the equator, and in Russia and Ukraine two countries which account for one-fourth of world wheat exports - caused wheat prices to surge. Many worry the tight supply will cause inflationary prices. They fear the skyrocketing grain costs in 2007, which harshly struck the world's poor and led to food riots, will recur. Is their fear grounded? Consultancy firms measuring the status of commodities like wheat don't think so. Stocks of wheat are at sufficiently high levels, and harvest turnout from other big producers like the US is expected to stay strong.