Food Price Increases in Australia and the World.
Australians are reading about increasing food prices, as are many other countries around the world.
Almost everybody has seen the prices of everyday goods shooting up, and Labor is keen to pin the blame on the Coalition.
After last week’s higher-than expected inflation figures, Anthony Albanese’s team has sought to frame this as “Scott Morrison’s cost-of-living crisis”.
This, despite inflation soaring around the world — with macro factors like the war in Ukraine, and local issues like flooding, contributing to the pain that Australians are feeling at the till.
World Food Prices
Supply chain problems caused by the Covid pandemic have quickly worsened since the invasion, further adding to the price of food.
The cost of freight has shot up by 34 percent since Russia invaded Ukraine on February 24, according to UNCTAD.
Developing and import dependent, countries have been heavily impacted by Russia’s invasion of Ukraine, the two countries that account for more than a quarter of the world’s annual wheat sales.
African Food Prices Soaring.
The war in Ukraine is having a drastic impact on Africa. Prices for wheat, gas and gasoline are at record highs. Crisis regions could see things get worse than they already are.
dw.com
US Food Prices are expected to keep Soaring this year.
The U.S. Department of Agriculture expects commodity costs to continue increasing this year.
Russia’s invasion of Ukraine is expected to take a massive toll on wheat prices, sending the cost of flour soaring.
www.restaurantbusinessonline.com
UK Food Prices Apocalyptic Increases.
Bank of England governor warns of ‘apocalyptic’ impact of global food prices.
Britain faces the “major concern” of “apocalyptic” global food-price rises sparked by Russia’s invasion of Ukraine, the Bank of England’s governor has told MPs.
