As a rout in the price of food commodities from wheat to cooking oil deepens, the cost of products on grocery shelves continues to rise.
Almost a year on from Russia’s invasion of Ukraine, which sent grains and other staples soaring to a record, a United Nations’ index of food-commodity costs fell for a 10th straight month in January. The longest falling streak in at least 33 years contrasts with the food inflation that’s worsening a cost-of-living crunch for consumers.We deliver the local news you need in these turbulent times on weekdays at 3 p.m.
Take bread. The cost of wheat accounts for as much as a 10th of the total cost of a loaf, Glauber said. The rest is driven by transporting the wheat, milling it, making and baking the bread, packaging it and stocking grocery stores, he said. Inflation has peaked but food prices have not, said Alan Jope, the outgoing boss of Unilever, which makes Hellmann’s mayonnaise and Ben & Jerry’s ice cream. Food giant Nestle SA expects inflation to persist in the first half of the year with some softening after that, according Chief Financial Officer Francois-Xavier Roger.
That moderation won’t console many consumers in low- and middle-income countries, which have been particularly hard-hit by soaring food inflation, the World Bank said earlier this week. A combination of shrinking foreign exchange reserves, weakening local currencies and debt pressures are undermining local economies.
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