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food price volatility
Before the opening of the Committee on Food Security’s annual meeting in Rome (7 October), Oxfam called for Governments to ensure that biofuel policies do not force poor farmers off their land and fuel food price spikes.
Little will be done to curb harmful food speculation today as EU finance ministers meet to approve their position on the new Markets in Financial Instruments Directive (MiFID II) – which sets new regulations for financial markets. According to a broad coalition of environmental and development organizations, loopholes in the legislation will render it ineffective to prevent food speculation, and the resulting food price spikes that hit the poorest the hardest.
Half a decade after the price spike of 2007-2008, food price volatility has become the new norm: people have come to expect food prices to rapidly rise and fall, though nobody know
Onus of incorporating strong rules to limit speculation on food commodities into Markets in Financial Instruments Directive (MiFID) now lies with Member States
Joint NGO media reaction by Oxfam; Friends of the Earth Europe; World Economy, Ecology and Development (WEED); World Development Movement
In response to Glencore director saying the US drought was good for business:
Oxfam’s food policy adviser Thierry Kesteloot said:
This report by the Sahel Working Group discusses the chronic food and nutrition crisis across countries in the Sahel.