Write two paragraphs reflecting on how food prices affect you or your family.

One effect of higher food prices in a given country is higher consumer price index (CPI) inflation.However, higher food prices affect people in different economies differently.

The impact of rapidly rising food prices on CPI inflation is substantially larger in emerging market economies than advanced economies

This effect tends to be much greater for countries that are 1) large net importers of food, and 2) where households spend a greater percentage of their income on food (meaning that they have a much larger weighting of food in their CPI basket).

In short, higher food prices don't hurt everyone equally. Poorer, developing economies feel it much worse.

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Oil is used in the processing of many food products. In additional, oil is used in the transportation of food. As a result, with oil price increases, the price of food increases as well.

The world population continues to grow, and with that comes increased demand of various food products. As a result, this rising demand directly leads to higher prices.

The increases in food prices have already taken effect and are not likely to improve in the near future. As of February 2011, the price of wheat has increased 83% and the price of corn has doubled since one year earlier. As feed becomes more expensive, the cost of beef products is expected to increase by almost 40%, leading to much higher prices for any meat eaters out there. With unemployment remaining at very high levels, these prices will serve to further put a dent in our wallets.

The situation is even more dire in poorer countries as many of their citizens spend about 80% of their income on basic food products. As a result, food price increases can be devastating to people in these countries, with an additional 44 million people already having been pushed into poverty. The food crisis has inspired riots in countries such as Egypt, Haiti, Tunisia, and Algeria.

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