Commodity price shocks
Encyclopedia
Commodity price shocks are times when the prices for commodities
have increased suddenly.
the price of corn and wheat went up by a factor of three.
has seen corn, wheat, and rice go up by a factor of three when measured in US dollars.
Commodity
In economics, a commodity is the generic term for any marketable item produced to satisfy wants or needs. Economic commodities comprise goods and services....
have increased suddenly.
1971–1973
At the time of the 1973 oil crisis1973 oil crisis
The 1973 oil crisis started in October 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC proclaimed an oil embargo. This was "in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war. It lasted until March 1974. With the...
the price of corn and wheat went up by a factor of three.
2005–2008
The 2007–2008 world food price crisis2007–2008 world food price crisis
World food prices increased dramatically in 2007 and the 1st and 2nd quarter of 2008 creating a global crisis and causing political and economical instability and social unrest in both poor and developed nations. Systemic causes for the worldwide increases in food prices continue to be the subject...
has seen corn, wheat, and rice go up by a factor of three when measured in US dollars.