Global Food Prices To Hit Record Levels From Rising Oil Prices

Monday, February 14th, 2022 | 487 Views


Soaring costs of steaks, pasta and coffee have dominated headlines and pushed global food prices close to record levels. But it looks like the dubious accolade of sending the inflation gauge across the line will fall to cooking oils, those understated yet most ubiquitous of staples.

Consumer food prices in India rose in December at the fastest pace in six months, crimping household budgets and increasing pressure on Prime Minister Narendra Modi’s government to provide more help for the poor. Two-thirds of the country’s population are already the recipients of food aid.

“The high prices of food items including edible oils are hurting us,” said 41-year-old Anita Nath, a housewife in the eastern Indian state of Odisha. “Rising prices are putting pressure on our monthly budget at a time when my husband’s income has fallen because of Covid-related restrictions.”

Source_https://www.bloomberg.com/news/newsletters/2022-02-11/supply-chain-latest-cooking-oil-food-inflation

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