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Global Food Price Inflation Starts To Recall 2008

Global Food Price Inflation Starts To Recall 2008

As there is threatening food shortage and famine in regions of Africa, South Asia, and Ibero-America, there is also a global food price inflation underway, which recalls the severe food price shocks of 2007-08 before the financial crash.

The 15% inflation this year in the price of the average market basket of food in Africa, in a private institution’s survey, was already reported a week ago. The UN Food and Agriculture Organization (FAO) on Oct. 8 reported cereals price inflation of 5.1% in September, worldwide, and 13.6% from September 2019. Vegetable oil prices averaged a 6% jump in September, and 14.1% from a year earlier; meat prices averaged a 9.4% increase from September 2019. Some prices had not risen: dairy, for example; and sugar prices were actually falling.

What this means in the United States will be further indicated Oct. 13; prices for food at home (where most Americans are now eating the great majority of the time) had already risen by 4.5% through August. China has had particularly high food inflation: its average pork price is 53% higher than a year ago, and fresh vegetables 11.7% higher for the year, according to the China National Bureau of Statistics. Typically for China, the government is conducting a national “don’t waste food, clean your plate!” campaign involving President Xi Jinping personally, personalities like Jack Ma, and so forth; it denies that China faces a food shortage, having large grains reserves in particular.

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