As per this recent FAO Food Price Index, food prices have surpassed the 2008 highs, and there is no end in sight.
Right now, the world is on the verge of riots around the globe, and this includes developed countries like Japan (where food riot fears [are] on the rise). The riots in Tunisia and Algeria in January and Mogadishu from earlier this month are just a start. Over half of the world lives on US $2.50 a day or less. The lucky ones can barely afford to eat as it is. If food prices keep rising, they won’t be able to. Talk about political risk. We’ve even seen riots in England and Canada this year … imagine what will happen if a significant number of poor people in the developed world can no longer afford to keep a roof over their head and eat.