The possibility of another global food crisis facing the world brings with it questions about what exactly is causing these crazy fluctuations in global food prices. Arguably, it is not changes in ‘real’ conditions that are behind these price fluctuations. Rather, it is the role played by rumour, and therefore by the media in altering expectations that can explain, to a large extent, the recent spike in food prices.
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(This article was originally published in the Business Line print edition dated 24th July, 2012)