A good (balanced) piece from Aljazeera explaining some of the financial aspects underlying what we have seen.
"Bernanke's "Quantitative Easing" policies combined with rampant credit growth in China and India has led to increased speculation in commodities. That speculation has forced up food prices.
Please note that speculation in commodities is not a cause of anything. Rather commodity speculation is a result of piss poor monetary policies not only the Fed, but central bankers worldwide."
The point is well made that if someone is having to spend 60 or 70% of what they earn on just feeding themselves (average Egyptian earns $2 per day), then a 20% jump in the price of food is a major problem.
""This protest won't end in North Africa; it will spread in many countries because of high unemployment and increasing food prices," Hamza Alkholi, chairman and chief executive of Saudi Alkholi Group, a holding company investing in industrials and real estate, said in an interview in Davos, Switzerland."