Global Food Prices On the Rise

Prices for food are rising across all sectors as the world rebounds from the COVID-19 pandemic.

Indonesia is seeing surges in tofu prices, up 30% from their value in December 2020. Brazil and Russia are also seeing price hikes as high as 60% for turtle beans and sugar respectively, when compared to one year ago.

The US has seen increases of 3% in food prices, with the poorest American families spending 36% of their income on food goods. During the pandemic, 13.2 million people were listed as food insecure, according to Feeding America.

The inflation of food prices will likely be inevitable according to economists, as farmers and producers are still recovering from the effects of COVID-19 and are working to replenish supply. Demands are increasing amidst economic swing back in most major industries across the globe.

Restrictions on trade to prevent the spread of COVID-19 have also contributed to the inflation of food prices, with the UK estimating that it will spend 3 billion pounds ($4.1 billion) in importing costs for food per year.

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