Around the world, food prices are persistently, painfully high.
Why is food price inflation so intractable, if not in world commodity markets, then where it counts — in bazaars and grocery stores and kitchen tables around the world?
Food inflation, Glauber says, “will come down, but it’s going to come down slowly, largely because these other factors are still running pretty high.” “There’s a lot of market factors right now, fundamentals, that can explain why we have such inflation,” he says. “I couldn’t point my finger at the fact that we just have a handful of meat producers.”
Corn flour, a staple in Kenyan households that is used to make corn meal known as ugali, has doubled in price over the last year. After the 2022 elections, President William Ruto ended subsidies meant to cushion consumers from higher prices. Nonetheless, he has promised to bring down corn flour prices.
In Hungary, people are increasingly unable to cope with the biggest spike in food prices in the EU, reaching 45% in March.
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Food prices fall on world markets but not on kitchen tablesSomehow exorbitant food prices that people have little choice but to pay are still climbing, contributing disproportionately to painfully high inflation from the United States and Europe to the struggling countries of the developing world.
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Food prices fall on world markets but not on kitchen tablesAround the world, food prices are persistently, painfully high. Puzzlingly, too. On global markets, the prices of grains, vegetable oil, dairy and other agricultural commodities have fallen steadily from record highs. But the relief hasn't made it to the real world of shopkeepers, street vendors and families trying to make ends meet.
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