■ From Rice Ban to War and Heat, Food Inflation Risks Are Back
◘ Just when consumers were starting to see some welcome news about easing inflation on the supermarket shelves, food risks are on the rise again.
Concerns are growing over supplies of rice, the food staple that almost half of the global population relies on. Top exporter India banned a hefty chunk of its exports last week, sending prices in Asia to the highest level in more than three years. It’s expected that costs are set to surge even further.
India’s latest move, plus an earlier curb on broken rice, affects 30% to 40% of the nation’s total shipments, and restrictions could widen to other categories in the event of uneven rainfall and rising domestic inflation.
Continue to Bloomberg News for the full article by Agnieszka de Sousa.
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Senior Interdisciplinary Scientist
3wI don’t believe it’s 10.9% for the US. An average or some other data point? The grocery, and food prices are way up to 3 to 10x (TIMES) more.