Global food prices have jumped at their fastest monthly rate in over a decade, according to the United Nations.
The UN uses a broad index of global food costs, which have also climbed for 12 months in a row. Suppliers have been affected by disruptions to production, labour and transport during the pandemic. Concerns are growing about broader inflation and how higher grocery bills will impact the world’s economic recovery.
The increased costs are a result of renewed demand in some countries and a backlog of low production. Market and supply disruptions due to restrictions on movement have created local shortages and higher prices. Experts had warned that high demand and low production would lead to rising inflation as economies exit lockdown. However, some industries could see a strong recovery. The FAO forecasts record global cereal production this year, which may help to ease upward price pressures.