Topic > Have a Minimum Price Essay - 518

Technological advances have caused an increase in the supply of food in the market. With the price floor in place and the EU importing food, the sudden shift in supply has caused a surplus of food production. It was not possible to maintain the minimum price with a tariff and therefore the EU had to purchase the surplus food. The EU initially stored food, but then had to resort to 'dumping'. This is when the EU will buy surplus food and resell it cheaper abroad. EU food dumping has driven down world prices, infuriating the world's biggest exporters