More households having to cut back on basic items as food costs rise

ANDREY RUDAKOV/BLOOMBERG NEWS

Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • ‘Farms Are Failing’ as Fertilizer Prices Drive Up Cost of Food
  • Farmers in the developing world say they are curtailing production, which means global hunger could worsen
  • That means grocery bills could go up even more in 2022, following a year in which global food prices rose to decade highs. An uptick would exacerbate hunger—already acute in some parts of the world because of pandemic-linked job losses—and thwart efforts by politicians and central bankers to subdue inflation.
  • As the pandemic enters year three, more households are having to cut down on the quantity and quality of food they consume, the World Bank said in a note last month, noting that high fertilizer prices were adding to costs.
  • Around 2.4 billion people lacked access to adequate food in 2020, up 320 million from the year before, it said.
  • Inflation rose in about 80% of emerging-market economies last year, with roughly a third seeing double-digit food inflation, according to the World Bank.

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