Food Inflation to Continue into 2023
A new report from the Angel Research Institute has revealed that food inflation is likely to continue into 2023 due to rising prices of staples such as grains and oilseeds. Governments must take action now if they are to prevent further price increases in years ahead.
Dec. 25, 2022 12:33AM
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A bowl of grains with a background of rising graphs representing increasing prices
A recent report from the Angel Research Institute has found that food inflation is likely to continue through 2023. The study found that the rising prices of staples such as grains and oilseeds are driving up food prices across the board. This is a worrying trend for many households, as food inflation can have a significant impact on their budgets. The report notes that in 2020, global grain prices rose by an average of 10%, while oilseed prices increased by 13%. These increases were driven by factors such as climate change, drought, and increased demand from emerging markets. The report also noted that the pandemic had an impact on supply chains, leading to further price increases. In response to these trends, the Angel Research Institute recommends several measures to mitigate the effects of food inflation. These include increasing investment in agricultural research and development; improving access to credit for small-scale farmers; and providing better market information so that farmers can make informed decisions about production and pricing. Additionally, governments should provide support for vulnerable households affected by rising food costs. Overall, this report paints a worrying picture for those who rely on staple foods in their diets. It is clear that action must be taken now if we are to avoid further price increases in 2023 and beyond.