- The COVID pandemic’s supply chain disruptions and rising transportation (oil) costs are pushing food prices higher.
- The poorest, developing countries are currently feeling the brunt of food inflation, with staples such as tofu, beans and sugar 30-60% higher than pre-pandemic.
- In developed countries (eg US, UK), food manufacturers such as General Mills have largely absorbed additional costs but recently warned that prices will rise.
- Food inflation may also be indirect via “shrink-flation” (smaller portions, same price) and/or fewer grocery store sale items.
