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Why the price of your groceries is about to increase:

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Food across the world has reached its highest price in almost a decade

The rising costs are heightening concerns over grocery bills as economies struggle to exit the Covid-19 crisis.

A United Nations gauge of world food costs climbed for a 12th straight month in May, the longest stretch in a decade.

Droughts in key Brazilian growing regions have destroyed crops and vegetable oil production in southeast Asia has slowed down.

“A surge in the international prices of vegetable oils, sugar and cereals led the increase in the index,”

a UN spokesperson says.

The prolonged gains across the staple commodities are trickling through to store shelves, with countries from Kenya to Mexico reporting higher food costs already.

The pain could be particularly felt in some of the poorest import-dependent nations, which have limited purchasing power and social safety nets as they grapple with the coronavirus pandemic.

The UN’s index is treading at its highest since September 2011.

Last month’s gain of 4.8% has become the biggest increase in more than 10 years.

All five components of the index rose during the month, with the advance led by pricier vegetable oils, grain, and sugar.

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U.S.-India pharmaceutical trade partnership?

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The United States wants to diversify its supply chain and achieve affordable medicine resilience.

Originally scheduled for liftoff from Florida’s Kennedy Space Center, the mission aimed to demonstrate Starliner’s capabilities and certify it for regular crewed flights to the ISS, as reported by Reuters.

 

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Money

Will Australia’s foreign investment rule create an economic boost?

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Australian Treasurer Dr. Jim Chalmers announced an overall of foreign investment rules ahead of the budget.

Australia is set to announce a significant decline in its projected gross debt, signalling a more optimistic outlook for the country’s fiscal health.

The Airport Economist, Professor Tim Harcourt at UTS joins to discuss.

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