In mid-2008, agricultural commodities and petroleum prices reached record levels, resulting in sharp increases in Americans' food prices. The column examines the complex global factors responsible for these record commodity demand and resulting prices. It was written in September before the more recent recession-driven worldwide fall in demand for agricultural commodities and petroleum, resulting in severe falling prices for all commodities.
An explanation for those ever-increasing grocery bills
James E. Tillotson, PhD, MBA, is professor of Food Policy and International Business at Tuffs University Friedman School of Nutrition. Before returning to the academic world, Dr Tillotson worked in industry, holding various research and development positions in the food and chemical sectors.