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Global food prices surge to decade high

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Global food prices surge to decade high

South American crops withered due to drought combined with record grain purchases from China could push prices up even further in the coming months.

Damian Goddard by Damian Goddard
June 8, 2021
in Breaking News, Family, Foreground
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Global food prices surge to decade high
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Last updated on June 9th, 2021 at 02:46 pm

Households across the world could be bracing for an even tighter food budget.

According to the United Nations, world food costs climbed for a 12th straight month in May; its longest stretch in a decade. While international economies continue to deal with the struggles of the Covid-19 crisis, other factors are at play which may lead to broader inflation: South American corn, coffee, soybean and sugar crops have been ravaged by drought, and “unpredictably huge” purchases by China have had devastating impacts on international grain supplies which as boosted costs for livestock producers.

In January 2011, riots took place in the Middle East and South Asia due to surging food costs which hit an all-time high. Those outbursts came on the heels of the 2008 food scare in which demonstrators took to the streets in Haiti, Senegal, and Bangladesh. All in all, some 30 nations were embroiled in rioting during that time due to climbing food prices.

Said Abdolreza Abbassian, senior economist at the UN’s Food and Agriculture Organization, “We have very little room for any production shock. We have very little room for any unexpected surge in demand in any country. Any of those things could push prices up further than they are now, and then we could start getting worried.”

Whether harvests in the United States, Canada, and Europe can make up for crop shortfalls will be dependent upon what kind of weather the Northern Hemisphere experiences this summer.

While world hunger continues to rise, it has been exacerbated by worldwide disruptions due to weather, political conflicts, and – within the last year – the effects of Covid-19. In February, restrictions caused a “bottlenecking” in global trade and a shortage of empty shipping containers.

But Abbassian is quick to mention that this is not the same situation as a decade ago, when oil prices neared $150 a barrel which is double current levels. “We are not in the situation we were back in 2008-10 when inventories were really low and a lot of things were going on. However, we are in sort of a borderline. It’s a borderline that needs to be monitored very closely over the next few weeks, because weather is either going to really make it or create really big problems.”

Damian Goddard

Damian Goddard

Damian Goddard is a veteran television, radio, and internet broadcaster who garnered international headlines in May 2011 after taking to Twitter in defence of "the traditional and TRUE meaning of marriage".  Not twenty four hours after delivering the tweet, he was fired from his job as anchor for Rogers Sportsnet; one of Canada's two network sports broadcasters.  Damian's extensive broadcast experience also includes work as a news anchor at Sun News Network, a talkshow host at NewsTalk 1010 CFRB in Toronto, and ample experience in the sports realm working for the CBC, Maple Leaf Sports & Entertainment (lead host at Raptors NBA TV and LeafsTV), and The Fan 590 in Toronto.  A history major with a Bachelor of Arts from the University of Western Ontario and a devout Roman Catholic, Damian is passionate about world and cultural affairs, the history and future of the Catholic Church, and the Toronto Maple Leafs.

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