What was purely an academic supposition a few months ago is now actually happening. Along with higher interest rates, inflation is likely to become one of this year’s biggest business stories. And food prices won’t be immune.
Many agricultural commodity prices have skyrocketed over last year. Corn is up 84 per cent, soybeans are up 72 per cent, sugar is up 59 per cent, wheat is up 19 per cent and coffee is up 13 per cent.
And nothing suggests prices will drop anytime soon.
Once grains are affected, livestock sectors producing well-loved products like chicken, pork and beef will likely be impacted as well.