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Jargon Buster
Here we look at words and concepts that have recently been in the news and suggest ways in which they can be used in your classes.
Agflation
What is it?
The term 'agflation' (a combination of agriculture and inflation) describes the increase in food prices as a result of increased human consumption and their use as an alternative source of energy. A number of so-called biofuels are now being made from corn and other grains meaning there is less available for human consumption, which in turn leads to inflation of their prices. This has a knock-on effect on other food sources such as rice and potatoes as consumers turn to them instead.
Why is the term in the news?
With more cars running on biofuels and a global increase in food prices there has been a sharp increase in media coverage of agflation and its destabilising affect on the global economy.
How can I use it in class?
The term can be used to discuss a range of points with your students including the following:
- Should biofuels be stopped completely? If so, are there other sources of alternative fuel for cars and other machinery?
- Should governments intervene and set maximum food prices as is already being done in some countries such as the UAE?
- What other mechanisms can you think of to regulate the situation?
Bookmark with:
(what are these?)
Links
The real costs of rising food prices
Reuters
The agflation outlook
The Financial Times
Rain gods may douse agflation
India Times
Comments
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