Rising commodity prices can translate into higher food costs, especially as producers of beef, pork and chicken look to pass on higher animal-feed costs.
Historical trends show that demand for agricultural products like corn, poultry, pork and beef increases with per capita income, especially in India, Russia and China.
Japan is especially reluctant to do so, as was illustrated by a recent spat over American beef, in which fears of mad-cow disease strengthened the hands of protectionists.