Analyst Pin-board Facts about rising global food prices
- The increase in food prices predates the pandemic and started in 2018.
- Food supply chain disruptions led by a shift from food services coupled by a rising US dollar pushed up prices in many countries.
- Ocean freight rates and land transportation costs have increased by 2-3 times in the last 12 months.
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Since most food commodities are traded in US dollar, countries with weaker currencies have seen their food import bill increase.
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