Boom-and-bust cycle fears as prices jump

THE possibility of another boom-and-bust cycle for farmers has re-surfaced, strengthened by global meat prices hitting a 20-year high.

For Irish farmers, a boom-and-bust cycle took milk prices from 34 cent in 2008 to 24 cent in 2009, and grain prices slumped 30%.

For poor countries depending on food imports, boom-and-bust sparked riots due to food shortages three years ago – which recently flared up again in Mozambique, where seven died in protests after the government raised bread prices by 30%.