“Bread provides one-third of the caloric
intake in Egypt, a country where 38 percent of income is spent on food,”
notes Sternberg. “The doubling of global wheat prices — from
$157/metric ton in June 2010 to $326/metric ton in February 2011 — thus
significantly impacted the country’s food supply and availability.”
Global food prices peaked at an all-time high in March 2011, shortly
after President Hosni Mubarak was toppled in Egypt.
Everything is linked: Chinese drought and Russian bushfires produced
wheat shortages leading to higher bread prices fueling protests in
Tahrir Square. Sternberg calls it the globalization of “hazard.”
Source: Friedman, NYT
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