Uganda: Rising Food Prices Could Be a Blessing in Disguise

opinion

Kampala — Rising food prices have caused street protests from Mexico to India to Senegal. But this could be a blessing in disguise if it makes governments eliminate the trade barriers that exacerbate high prices: the poorest countries will benefit most from dropping their own tariffs.

Nobel economics laureate Gary Becker estimates that a 30 per cent rise in food prices over five years would cause living standards to fall by 3 per cent in rich countries and by more than 20 per cent in poor countries.

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