Difference between revisions of "Agflation"
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(In 2022, agflation skyrocketed to 25.3%, three times the 8.5% rise in the Consumer Price Index for food. This places farmers at enormous hardship, as their rise in costs far outstrips their rise in revenue.) |
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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> | ||
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| + | 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. | ||
==References== | ==References== | ||
Revision as of 19:44, July 10, 2022
In economics, agflation is a term believed to have originated during the worldwide Food Crisis of 2008. The term is a portmanteau word formed by combining the words "agriculture" and "inflation," and describes a general rise in prices 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).[1]
In 2022, agflation skyrocketed to 25.3%, three times the 8.5% rise in the Consumer Price Index for food.[2] This places farmers at enormous hardship, as their rise in costs far outstrips their rise in revenue.
References
