By Tyler Durden | 5 March 2022
Grain prices surged to record highs last week as world food prices are now higher than they were during the 2011 Arab Spring, leaving us with an abundance of caution that political uprisings due to food price shocks could be right around the corner.
Friday, the UN Food and Agriculture Organization (FAO) Food Price Index (FFPI), a measure of the monthly change in international prices of a basket of food commodities, reported record-high prices for February. Prices are, in fact, 3.1% higher than they were in February 2011 when anti-government protests, uprisings, and armed rebellions sprung up around the Arab world.
The risk of an uprising happening again is rising. Everyone’s favorite permabear, SocGen’s Albert Edwards, opined two years ago about future agricultural price shocks and how they could cause another Arab Spring. […]