The spectre of a global food crisis has reared its head again. Soaring corn prices, which on Monday recorded their biggest one-day rise since 1973, have triggered fears of a return to the turmoil of 2007-2008. Far-reaching measures are needed to prevent a recurrence.

Rising prices over the last decade are in part the result of burgeoning demand from emerging markets such as China and India. The emergence of commodities as a distinct asset class has also put upward pressure on prices. Commodity index-fund investment has soared over the last decade. Non-food commodities, in particular metals, have been equally affected. Copper and tin prices hit record highs last week.

Shocks on the supply side, in particular adverse weather events, have also contributed. Droughts in eastern Europe and heavy rains in North America this summer sent grain and oilseed prices soaring.