Macro-Economic Policy Reactions to Soaring Food Prices in Mediterranean Countries, Russia, the CIS and the GCC
21 Pages Posted: 1 Jun 2011 Last revised: 26 Jun 2016
Date Written: August 1, 2008
High prices of basic food pushed up total consumer price inflation in 2007 worldwide, not least in the EU neighbour countries. The European Neighbour Policy Mediterranean countries, Commonwealth of Independent States (CIS) and the Gulf Cooperation Council were almost all affected by the global food price shocks. This paper analyses the price developments and compares national macro-economic policies in response to the soaring prices across the ENP-countries, the other Barcelona countries, Russia and the GCC countries and the euro area. The focus is mainly on ag-flation.
Keywords: Inflation, ENP-countries, macro-economic policies
JEL Classification: E30, E20
Suggested Citation: Suggested Citation