Food prices climb closer to record, boosting inflation angst
Food prices climbed closer to a record high, giving consumers and governments around the world an even bigger inflation headache.
A United Nations gauge of global food prices rose 1.2% last month, threatening to make it more expensive for households to put a meal on the table. It's more evidence of inflation soaring in the world's largest economies and may make it even harder for the poorest nations to import food, worsening a hunger crisis.
Prices have jumped for multiple reasons: bad weather hurt harvests, higher shipping rates, worker shortages and an energy crunch hit supply chains, and fertilizer costs have surged too. While it typically takes a while for commodity costs to trickle down to supermarkets, the rally is evoking memories of spikes in 2008 and 2011 that contributed to global food crises...