Global food costs jumped last month, extending a march toward a record high and piling more inflationary pressure on consumers and governments.
A UN index tracking staples from wheat to vegetable oil climbed 3% to a fresh decade high in October, threatnening even higher grocery bills for households that have already been strained by the pandemic. That could also add to central banks’ inflation worries and risks, worsening global hunger that’s at a multiyear high.
Bad weather hit harvests around the world this year, freight costs soured and labor shortages have roiled the food supply chain from forms to supermarkets.
An energy crisis has also proved a headache, forcing vegetable greenhouses to go dark and causing a knock-on risk og bigger fertilizer bill for farmers. BLOOMBERG