The decade of 2000 saw price increases of raw materials after its cheaper in the period 1980-2000. But in 2008, rising prices of these raw materials’ in particular, rising oil prices and food ‘began Corey Ribotsky to increase while causing real economic damage, threatening famine in the Third World, the stagnation and stagflation globalizacion of .
In January 2008, the price of oil exceeds U.S. 100/barril for the first time in its history, and reached U.S. 147/barril in July due to high volatility of speculative phenomena that led to a sharp decline during the month of August.
The same happened with one of the major industrial metals, copper, which had been experiencing a surge in its price since 2003, mainly due to the increasing demand from new emerging powers like China and India, coupled with other factors such as inventory Decreasing labor disputes and mine copper in Chile, the first country worldwide exporter of the mineral. In January 2008, the price of copper on the London Metal Exchange (London Metal Exchange) supero first their history, U.S. 8000 per ton. At the beginning of July reached U.S. 8940 per ton, absolute record since their records are traded on the LME, since 1979. This value was at an historic 272.5 higher than the previous absolute record of U.S. 3280 per ton registered January 24, 1989 ‘without adjustment for inflation. “
After this peak and in line with the behavior of oil, the price of copper registered a steep drop of over 50 from July record (October 2008) in a context of volatility never seen before.
Essential materials in production, such as sulfuric acid and caustic soda prices were also increased to 600 .
The oil crisis and food were discussed at the 34th Summit of the G-8.
Dispute Settlement Reports 2005 (World Trade Organization Dispute Settlement Reports) (Volume 20) by World Trade Organization (Hardcover – Oct 8, 2007)