The price of oil is not the only commodity reaching record prices. Now wheat and rice are contending for headlines in the world news.

The price of flour has soared recently. Wheat, historically around $7 per bushel, has reached as high as $24 per bushel.

This fact completely escaped me until I walked to my favorite pizzeria in mid-town Manhattan and discovered that the price of my pizza slice had gone up from $2.00 to $2.50. Hearing my complaint, the manager stepped over and said, “It’s the price of flour. Gone up too much.”

Unfortunately, the rise in costs has impacted other parts of the world in more devastating ways than fifty cents for pizza. Jamaica’s Deputy Ministry of Trade Ellock Maotcha Banda says his country only produces 5% of its demand for wheat, “which means any slight changes on the international market hit us with a huge impact.” Four people died in Haiti protesting the 50% rise in food, and two men died in Cairo fighting over a loaf of bread.

The problem for Banda is the tendency for overreaction. He also commented, “The Ministry of Trade would continuously monitor the market so that traders do not take advantage of consumers and we are going to deal with those who will charge highly.” Monitoring is fine — and perhaps needed in extreme cases like Haiti’s and Cairo’s — as long as the government avoids the temptation to make the price artificially low.

Because I returned to my pizzeria today when I heard prices had returned to normal to bring customers back. Markets often correct themselves. If the price goes too high, people will not buy. As demand decreases, so will price to attract more customers.