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The Harvey files 4: the price of food

By Harvey Cole  

Soaring food prices have been hitting the headlines. Wheat recently reached new records, but in real terms (after adjusting for general inflation) it has only recently recovered to the levels it traded at in the early 1970s. Indeed, between 1973 and 2000 the price of wheat dropped by 80 per cent. This time around it has already lost more than a third from its peak.

In a few dramatic days in April, the price of rice almost doubled, but it remains over a third below its all-time highs in 1971-72.

While remaining volatile, food prices can be expected to maintain…

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