Changes

In [[economics]], '''agflation''' is a term believed to have originated during the [[world]]wide Food Crisis of 2008. The term is a portmanteau word formed by combining the words "[[agriculture]]" and "[[inflation]]," and describes a general rise in [[price]]s that is caused by rising [[production]] costs for agricultural goods. Agflation is a type of [[cost-push inflation]], or increase in the [[price level]] that is caused by an exogenous [[supply]] shock (sudden or dramatic reduction in the [[production]] capacity of producers or firms).<ref>https://www.economist.com/finance/displaystory.cfm?story_id=9707029</ref>

In [[economics]], '''agflation''' is a term believed to have originated during the [[world]]wide Food Crisis of 2008. The term is a portmanteau word formed by combining the words "[[agriculture]]" and "[[inflation]]," and describes a general rise in [[price]]s that is caused by rising [[production]] costs for agricultural goods. Agflation is a type of cost-push inflation, or increase in the price level that is caused by an exogenous [[supply]] shock (sudden or dramatic reduction in the [[production]] capacity of producers or firms).<ref>https://www.economist.com/finance/displaystory.cfm?story_id=9707029</ref>

In 2022, agflation skyrocketed to 25.3%, three times the 8.5% rise in the [[Consumer Price Index]] for food.<ref>https://www.msn.com/en-gb/money/other/farming-sector-e2-80-99s-agflation-costs-are-dwarfing-inflation/ar-AAZ07NB?fromMaestro=true</ref>  This places farmers at enormous hardship, as their rise in costs far outstrips their rise in revenue.

In 2022, agflation skyrocketed to 25.3%, three times the 8.5% rise in the [[Consumer Price Index]] for food.<ref>https://www.msn.com/en-gb/money/other/farming-sector-e2-80-99s-agflation-costs-are-dwarfing-inflation/ar-AAZ07NB?fromMaestro=true</ref>  This places farmers at enormous hardship, as their rise in costs far outstrips their rise in revenue.