The 2007-2008 food price swing: Impact and policies in Eastern and Southern Africa (FAO Commodities and Trade Technical Papers)

Between 2007 and 2008, the world experienced a dramatic swing in commodity prices. Eastern and Southern African countries experienced considerable difficulties due to the price food swing. The food price boom resulted in increased poverty and significant food security problems as households struggled to meet the high cost of food. The decline in exports due to weak demand, decreased foreign investment and migrant remittances, as well as high unemployment all added to the burden of already vulnerable African Countries. Policy reactions to the food price surge have been prompt in many developing countries. The key objective of this title is to discuss feasible approaches for the economic management of food price booms and slumps. As a first step to policy assessment, the paper also reviews the nature of the food price swing, analyses its impact on both household and wider economy levels and examines the policies that have been, or are currently being implemented in Eastern and Southern Africa.