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When food prices rose steeply in 2007 and climaxed in the winter of 2008, politicians and the press decried the impact on the billion or so people who were already going hungry. Excellent growing weather and good harvests provided temporary relief, but prices have once again soared to record heights. This time around people are paying less attention.

The public has a short attention span regarding problems of the world’s have-nots, but experts are partly to blame, too. Economists have made such a fuss about how complicated the food crisis is that they have created the impression that it has no ready solution, making it seem like one of those intractable problems, like poverty and disease, that are so easy to stash in the back of our minds. This view is wrong.

To be sure, reducing hunger in a world headed toward more than nine billion people by 2050 is a truly complicated challenge that calls for a broad range of solutions. But this is a long-term problem separate from the sudden rise in food prices. High oil prices and a weaker dollar have played some part by driving up production costs, but they cannot come close to explaining why wholesale food prices have doubled since 2004. The current price surge reflects a shortfall in supply to meet demand, which forces consumers to bid against one another to secure their supplies. Soaring farm profits and land values support this explanation. What explains this imbalance?

Crop production has not slowed: total world grain production last year was the third highest in history. Indeed, it has grown since 2004 at rates that, on average, exceed the long-term trend since 1980 and roughly match the trends of the past decade. Even with bad weather in Russia and northern Australia last year, global average crop yields were only 1 percent below what the trends would lead us to expect, a modest gap.