Attributing the food price spike
All caveats aside, you can see the main point here: biofuels are much much larger than Russian weather fluctuations as a total factor affecting cereal supply for food. This is not to deny any role for the Russian harvest change in the current food price spike. It was an unexpected negative shock, and I’m sure it was the straw that broke the camel’s back. But should we blame the straw, or instead focus on the fact that the camel was already loaded to the breaking point?


