According to the UN Food and Agriculture Organization, the cost of ingredients such as cereals and oils has elevated global food prices to a 10-year peak.
Miguel Patricio who is the head of the international food giant, Kraft Heinz claims that the company is raising prices in several countries. He said that inflation was “across the board” unlike in years prior. According to the UN Food and Agriculture Organization, the cost of ingredients such as cereals and oils has elevated global food prices to a 10-year peak. Patricio blames the United States logistic costs and supply chain issues for the need to raise food prices. Consumers will need to get used to higher food prices because the global population is rising while the property to grow food on is shrinking.
Due to the pandemic people are cooking more which in turn causes demand for groceries to increase. The coronavirus also led to a shortage of ketchup sachets as demand for takeout soared. Kraft Heinz has invested in expanding production of the sachets by 30%. Contributing to the rising costs of food is the labor shortage in the United States. For over three years there has been a shortage of nearly one million truck drivers across the country. The White House still lacks a plan to combat the inflation and the major supply chain issues.
To read more about the rising prices of food and inflation visit www.bbc.com
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