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Why the price of your groceries is about to increase:
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 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.