Global prices of food in July 2011 remain significantly higher than their levels in July 2010 and close to the 2008 peak levels, with the World Bank Food Price Index increasing by 33 percent in the last year.

Prices for the period April to July 2011 have declined slightly from their peak in February, although prices remain volatile for specific commodities such as rice, maize, and wheat. Prospects for the overall supply of food have improved since April 2011, but several sources of uncertainty remain.

Global stocks still remain alarmingly low. For example, the stocks-to-use ratio for maize currently stands at 13 percent, the lowest since the early 1970s. At these low stock levels, even small shortfalls in yields can have amplified effects on prices.

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