The resurgence of high food prices in 2010 awakened fears of a repeat of the 2007-08 food crisis, threatening increasing food insecurity, rampant food price inflation and civil unrest. While, fortunately, the worst fears have not materialized generally, high and volatile agricultural commodity prices seem to be the current norm and have challenged the ability of consumers, producers and governments to cope with the consequences. The issue of agricultural price volatility and how to deal with it has been at the top of the G20 agenda and in June this year, agricultural ministers agreed on an action plan. But why has volatility increased, what are the implications and what can be done to reduce it?
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