Commodity price shocks
Commodity price shocks are times when the prices for commodities have drastically increased or decreased over a short span of time.
Post-Napoleonic Irish grain price and land use shocks (1815–1816)
During the international Post-Napoleonic Depression following the conclusion of the French Revolutionary and Napoleonic Wars, wheat and other grain prices fell by half in Ireland, and alongside continued population growth, landlords converted cropland into rangeland by securing the passage of tenant farmer eviction legislation in 1816, which led, because of the Irish workforce's historic concentration in agriculture, to a greater subdivision of remaining land plots under tillage and increasingly less efficient and less profitable subsistence farms.1971–1973
At the time of the 1973 oil crisis, the price of corn and wheat went up by a factor of three.2000s decade
During the 2000s, the price of Brent Crude rose above $30 a barrel in 2003 before peaking at $147.30 in July 2008. With the onset of the Great Recession, reduced demand for oil caused the price to fall to $39 per barrel in December 2008.The 2007–2008 world food price crisis saw corn, wheat, and rice go up by a factor of three when measured in US dollars.