The summer of 2010 was unusually hot. The heat wave not only lit a fire in Russia that was not encountered in 130 years, but also caused a high fever in the global food prices. However, the increase in food prices was not only due to natural disasters, but also caused by man-made disasters. Experts pointed out that the financial attributes of food are now Far more than the product attributes. Hot money leveraged operations, the price is a small, partial price increase, amplified into a dramatic, comprehensive price increases. More experts pointed out that to provide hot money "ammunition" is precisely our own - long-term loose money policy.

The global extreme climate is generally regarded as the biggest incentive for this food price increase. Chen Fengying, director of the Institute of World Economics at the Institute of Contemporary International Relations of China, pointed out that the FAO data show that the global wheat production record hit a record for two consecutive years and international wheat stocks are sufficient. , The overall balance of supply and demand in the market. The US Department of Agriculture report in July showed that, except for a slight gap in wheat production and production in the same year, corn, rice, and soybeans are all well stocked and supply exceeds demand.

Sun Lijian, vice president of Fudan University’s School of Finance, pointed out: “Now international grain prices are not just commodity prices, but have become, to a certain extent, the price of a financial product.” Grain, as a financial product, also obeys the “leverage principle”. By leveraging, the hot money will enlarge the price slightly, partially increase the price sharply, increase the overall price, and easily obtain the global grain price discourse.

Chen Fengying pointed out: "Historically, a tight supply of food prices will be speculated. The United States has huge investment funds. The global $600 trillion U.S. hedge fund has 450 trillion U.S. dollars in the U.S. market, and the U.S. derivatives market is well developed. It is known that the financialization of grain prices is good for them. The United States has connonened the hype of the speculation, especially the soaring oil price in 2007, which is the result of the US letting speculators on commodity exchanges rise. However, this time the price of food has gone up. The background is a climate disaster, and speculation has not been as big as oil futures have soared. Plus, US financial reforms have also suppressed market speculation to a certain extent."

Some experts analyzed that the long-term loose monetary policy was the culprit for the soaring food prices. Sun Lijian believes: “After the financial crisis, the financial systems of various countries have been filled with liquidity. Be careful that these liquidity abducts agricultural products.”

However, she also pointed out that fortunately, the current oil price is at $80, at a suitable price, and iron ore is also reaching the bottom, so that food prices will not have a superposition effect, but only a single increase The promotion of inflation is limited. Moreover, due to the slow progress of economic recovery in developed countries, there is still a risk of deflation, and the rise in food prices will help them balance with developing countries.

However, some experts have also warned that emerging countries face more severe inflationary consequences, because in a basket of goods in the CPI statistics of emerging countries, food usually accounts for a large part.