Soaring food prices lay at the heart of global social unrest last month. Now, record oil prices might deliver a second volley. Several Southeast Asian countries are raising their retail prices while lowering government subsidies on fuel. Their goal is to cushion the impact of the sharp oil price spike (see Tanker Markets, p84). Some analysts expect that a gradual introduction of higher fuel prices would be less acutely felt by the poorest than a food price increase, but not everyone is willing to bet on that.
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