Food Prices Globally Are Nearing an All-Time High
According to Bloomberg News, the cost of food globally saw a sharp spike last month leading to a record high and imposing greater inflationary pressure on the governments and the consumers. As per a United Nations tracking index, staple food ranging from wheat to vegetable oils jumped 3% to a fresh high in a decade in October, thereby threatening consumers of higher household bills for groceries. Households have already been under a lot of strain due to the pandemic. This could also add to the central banks’ inflation risks and worries thereby making the situation worst towards global hunger, which is a layer higher. As per Bloomberg News, due to bad weather, harvests across the world have been badly hit across the world, cost of freight jumped, and this was followed by a shortage of labor. These aspects have played havoc on the food supply chain right from the farms to the supermarkets.
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