Food fright
The most important safety valve as far as food supply is concerned is the short production cycle. That rising food prices are a global phenomenon is well-known. Perhaps not as salient are the differences in the intensity of food inflation across the world. Focusing on Asia, while all countries have seen significant surges in the prices of all major food items, the variation in the rate of price increases is quite striking. Apart from agricultural policy and food security in the region, this has implications for the immediate macroeconomic scenario.