The Ambassador’s Residence hosted a breakfast on 1 July dedicated to the crisis in global food prices, organised by the Chevening Alumni Association. A wide range of alumni from economists to development specialists were in attendance, plus members of the embassy.

Guest speaker Beatriz Nussbaumer, Agricultural Speccialist for the World Bank, outlined the nature of the crisis and identified the likely trends going forward. Grain prices have risen by 160% in the past 6 years, driven by factors including higher fuel prices, the rise of bio-fuels and the fall of the dollar. However the impact of the crisis and the policy response varied widely between countries.

This generated a lively debate around several key themes, including the role of speculation vs market fundamentals in generating price increases, the relationship of food price rises on the broader problem of inflation, and their disproportionate impact on the poor. Also discussed was the range of possible policy responses to the problem, including subsidies, price controls and tax changes.

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