{"id":57605,"date":"2021-04-28T14:21:58","date_gmt":"2021-04-28T19:21:58","guid":{"rendered":"https:\/\/olduvai.ca\/?p=57605"},"modified":"2021-04-28T16:19:30","modified_gmt":"2021-04-28T21:19:30","slug":"the-grocery-price-shock-is-coming-to-a-store-near-you","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=57605","title":{"rendered":"The Grocery Price Shock Is Coming to a Store Near You"},"content":{"rendered":"
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The Grocery Price Shock Is Coming to a Store Near You<\/a><\/h3>\n<\/header>\n
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(Bloomberg) — Corn, wheat, soybeans, vegetable oils: A small handful of commodities form the backbone of much of the world\u2019s diet and they\u2019re dramatically more expensive, flashing alarm signals for global shopping budgets.<\/p>\n

This week,\u00a0the Bloomberg Agriculture Spot Index \u2014\u00a0which tracks key farm products \u2014\u00a0surged the most in almost nine years, driven by a rally in crop futures. With global food prices already at the highest since mid-2014, this latest jump is being closely watched because staple crops are a ubiquitous influence\u00a0on grocery shelves \u2014 from bread and pizza dough to meat and even soda.<\/p>\n

Soaring raw material prices have broad repercussions for households and businesses, and\u00a0threaten a world economy\u00a0trying to\u00a0recover from the damage of the\u00a0coronavirus pandemic. They help fuel food inflation, bringing more pain for families that are already grappling with financial pressure from the loss of jobs or incomes. For central banks, a spike in prices at a time of weak growth creates an unwelcome policy choice and could limit\u00a0their ability to loosen policy.<\/p>\n

\u201cThere seems to be sort of a bullish force behind the prices internationally,\u201d Abdolreza Abbassian, senior economist at the United Nations\u2019 Food and Agriculture Organization, said in an interview. \u201cThe indications are that there is very little reason to believe prices would remain at these levels. It\u2019s more likely they will rise further. Hardship is still ahead.\u201d<\/p>\n

Emerging markets<\/a>, in some cases already under pressure from weaker currencies, are particularly vulnerable because food costs make up a larger share of their spending. For the poorest and often politically unstable countries, the surge in raw materials threatens to further stoke\u00a0global hunger<\/a>.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/section>\n<\/section>\n<\/article>\n

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The Grocery Price Shock Is Coming to a Store Near You (Bloomberg) — Corn, wheat, soybeans, vegetable oils: A small handful of commodities form the backbone of much of the world\u2019s diet and they\u2019re dramatically more expensive, flashing alarm signals for global shopping budgets. This week,\u00a0the Bloomberg Agriculture Spot Index \u2014\u00a0which tracks key farm products […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[31157,426,31156,13351],"class_list":["post-57605","post","type-post","status-publish","format-standard","hentry","category-economics","tag-deirdre-hipwell","tag-inflation","tag-megan-durisin","tag-price-inflation"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=57605"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57605\/revisions"}],"predecessor-version":[{"id":57606,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57605\/revisions\/57606"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}