Why food prices have skyrocketed

Posted by & filed under Part 1 Business in a Global Environment, Part 4: Marketing Management.

Description: U.S. Secretary of Agriculture Tom Vilsack says corn-based ethanol didn’t cause record food prices, weather and trade policies did.

Source:  CNNMoney.com – video report

Date: 02/10/2011

Link:  http://money.cnn.com/video/markets/2011/02/10/mkts_usda_food_prices.cnnmoney/

Questions for discussion:  

  • Summarize the reasons for the global rise in food prices.
  • Do you think bio-fuel production contributes to higher prices?
  • How does population and income growth in China contribute to price changes?

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