Drivers and triggers of international food price spikes and volatility.

Highlights: [•] We analyze empirically the drivers of food price spikes and volatility. [•] Supply and demand fundamentals and speculation are significant drivers. [•] Financial crises increase food price volatility. [•] Speculation had a strong impact on maize and soybean price spikes in 2007/2008. [•] Food price volatility is increasingly affected by energy markets. [ABSTRACT FROM AUTHOR]