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Should we worry about rising cereal prices like we do about oil prices?

January 1, 2013

In spring 2012, cereal prices began to increase again in global markets, a situation that had many people worried. Would this be a surge like that seen in 2008–2009? Was there reason to worry about a hike in some food prices, the way we worry about gas prices when oil prices go up? On one hand, the two situations are not similar. On the other, we should remember that a rise in global food prices does not have the same effect in Quebec or across Canada as we saw elsewhere in the world in 2008 and 2009. Therefore, it might be wise to wait before getting up in arms.