If you look at the last twelve months the price does indeed look like a spike.
However if you take it in context with the last twenty years of prices which have shown a downward trend you could argue that this is a realignment rather than a spike.
If you take 1990 as a base price of £106 and add say 2% for inflation every year then by 2010 wheat would be £158.
Should we be paying more for our food?