The world has a food price problem, not a food price volatility problem

"Food price levels are at historic highs, but food price volatility, although high these past few years, is not out of line with historical experience and is generally lower than it was in the 1970s. This means that the world does not necessarily face a price volatility problem. It faces a high food price problem," Christopher Barrett, a professor at Cornell University, and Marc Bellemare, a professor at Duke University, write in a Foreign Affairs opinion piece.

"Food prices pose a serious challenge to society at large. To meet that challenge, policymakers must first identify it accurately," they conclude (7/12).