This article reviews the dynamics of global food prices since the food crisis of2007–08, the extent to which international prices have influenced national prices and poverty and wellbeing outcomes, and considers whether this exceptional period represents an anomaly or likely signals future episodes of food price volatility. It finds that although some factors that contributed to recent events have eased considerably, some significant drivers remain structural threats to future food security. There is little reason to be confident that recent reductions in food prices and volatilities augur well for the food security or wellbeing of those living on low and precarious incomes in the future.