The United Nations food agency says global prices have stabilized at levels near those of the 2008 crisis that sparked unrest across the globe. The head of the Food and Agriculture Organization, David Hallam, said international action could prevent a crisis, in part by addressing the harsh impact of the recent U.S. drought.

David Hallam: “There is a risk of more price increases, but at the moment there is no evidence to suggest that that is an inevitability. The very sharp reduction in U.S. production because of the drought — the worst drought for 50 years, we are told — has had a major impact on both stock levels and on prices. The overall global stock-to-use ratio has fallen to a historic low of just over 13 percent. In the U.S., it’s significantly lower than that.”