Governments across the developing world are stockpiling food staples in an attempt to contain panic buying, inflation and social unrest, write Javier Blas and Chris Giles.
But the hoarding is driving agricultural commodity prices even higher. The cost of wheat reached a fresh two-and-a-half-year high on Thursday, after countries from Algeria to Saudi Arabia announced extraordinary purchases.
High food prices have been a contributing factor to the recent wave of social unrest across North Africa and the Middle East. In Algeria this month, young rioters chanted “Bring us sugar!” The cost of the sweetener in the wholesale market is at its highest in 30 years.
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