Food prices are exploding, up 31% year-over-year. You can't say Ice Age Farmer didn't warn you!

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Soaring Cost of Food Is Forcing Families to Scrimp at the Dinner Table

Whether at supermarkets, corner stores, or open-air markets, prices for food have been surging in much of the world, forcing families to make tough decisions about their diets. Meat is often the first to go, ceding space to less expensive proteins such as dairy, eggs, or beans. In some households, a glass of milk has become a luxury reserved only for children; fresh fruit, once deemed a necessity, is now a treat.

Food prices in July were up 31% from the same month last year, according to an index compiled by the United Nations’ Food and Agriculture Organization. A portion of the rise is transitory, fueled by supply chain disruption and extreme weather. Although some of the bottlenecks caused by the pandemic show signs of abating, structural factors such as climate change (indeed, blame the cow farts) and China’s strong appetite for imports will likely endure.

#FoodPrices

https://www.bloomberg.com/news/features/2021-08-18/soaring-cost-of-food-is-forcing-families-to-scrimp-at-the-dinner-table

Consumers will have to get used to increasing food prices, Kraft Heinz CEO Miguel Patricio has warned. Patricio admitted that the world’s fifth-largest food and beverage company has been raising prices of such products as ketchup and baked beans “where necessary around the world.”

Kraft Heinz has reportedly increased prices for more than half of its products in the US, the company’s home market, and expects to do the same elsewhere.

#FoodPrices

https://www.rt.com/business/537163-heinz-boss-food-prices-high/

“Propane Market Armageddon”: US propane inventories are at a record low and will be extremely tight as cold weather is ahead.

— This energy crisis will affect everyone, including #FoodPrices, as farmers use propane both to heat barns and other facilities and to dry grains.

#EnergyCrisis

https://www.zerohedge.com/commodities/ihs-market-warns-armageddon-us-propane-market

Edible Oil Prices Hit Record High As Food Inflation Treat Soars

Prices of edible oils have been rising across the world. Palm oil, the world's most consumed vegetable oil, surged to a new record high, spreading concerns about persistent global food inflation.

Malaysia's palm oil futures soared more than 40% this year, while soybean oil is up more than 50%. Prices of canola oil are also at a record.

"There are no stopping prices from going higher" until policies are implemented that are likely to cool the commodity market, such as higher interest rates," Varqa said.

… This means that the weight of vegetable oils in the UN's Food and Agriculture Organization's FAO Food Price Index will continue to pressure global food prices higher. Last month, the index hit a new decade high, which includes a basket of food commodities (such as cereals, vegetable oils, dairy, meat, and sugar).

#FoodPrices #soybeans

https://www.zerohedge.com/commodities/edible-oil-prices-hit-record-high-food-inflation-treat-soars

Drought in the wheat growing areas of USA has latest USDA Winter Wheat crop condition estimates at worst in 10 years. China also claims their wheat is the worst on record. Ukraine/Russia not exporting.

Hard Red Winter wheat is nearly half of the overall US wheat production.

Multiple breadbasket failure.

#Wheat #FoodShortages #FoodPrices #GrandSolarMinimum

https://agfax.com/2022/04/04/1st-seasonal-crop-progress-report-shows-lowest-winter-wheat-condition-in-a-decade-dtn/

Mass crop failures expected in England

Half of the potato crop is expected to fail as it cannot be irrigated, and even crops that are usually drought-tolerant, such as maize, have been failing.

The group was told “irrigation options are diminishing with reservoirs being emptied fast”, and losses of 10-50% are expected for crops including carrots, onions, sugar beet, apples and hops. Milk production is also down nationally because of a lack of food for cows, and wildfires are putting large areas of farmland at risk.

#uk #FoodPrices

https://www.theguardian.com/environment/2022/aug/12/mass-crop-failures-expected-in-england-as-farmers-demand-hosepipe-bans