Food prices worldwide hit a record high in January, as monitored by the United Nations’ Food and Agriculture Organisation.
And food industry analysts say they will continue to rise – driven up right now by bad weather but also in the long term by growing demand from big emerging economies like China, India, Russia and Brazil.
Grocery buyer Dan O’Neill, in the US explained that everything is going up: “Anything with wheat products, the pastas; also sugar, baking products, milk, eggs, butter, staple type items, those are the items that are getting impacted; beef, pork, chicken.”
Pork prices in the US are expected to be at record highs by the summer. Pig farmer Mike Woltman says it is shoppers who will feel it: “We are seeing pork prices going up, the producers are getting more, but that is then going to be passed on at the retail level.”
Such price rises put pressure on the pockets of shoppers in richer countries, but in emerging economies people spend far more of their income on food which is feeding into political worries, in places like Egypt.