Global Food Costs Surge to Decade High as Drought Parches Crops
- UN measure of world food prices climbs for 12th month in May
- ‘Very little room’ seen for any more shocks to supply balance
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Global food prices have extended their rally to the highest in almost a decade, heightening concerns over bulging grocery bills at a time when economies are struggling to overcome the Covid-19 crisis.
A United Nations gauge of world food costs climbed for a 12th straight month in May, its longest stretch in a decade. The relentless advance risks accelerating broader inflation, complicating central banks efforts to provide more stimulus.