New Data Shows The Price Of Food May Begin To Decline

New Data Shows The Price Of Food May Begin To Decline

According to Bloomberg, there is a small amount of relief. The news agency reports that costs for agricultural commodities have fallen, which isn’t necessarily good news for producers that plant and sell the crops. However, it’s good news for consumers who buy them. The activities of traders on the global financial market have been heavily influenced by the risk of recession in regions such as the US, Europe, and China (via The Guardian), which, in turn, has tumbled the markets of staple crops such as wheat and the seed crops which produce oil, including palm, rapeseed (canola), and soy.

Another reason for prices coming down is the kickoff of wheat harvests across the Northern Hemisphere. This should help provide some relief for the shortages caused by a lack of exports from the warring countries of Russia and Ukraine (via Euronews).

Though certain instabilities remain, such as predicted dryness and protection that could impact commodity crops, shoppers may soon see a little bit of relief at the supermarket. “There are signs that the global food crisis may be nearing its peak,” Chua Hak Bin, an economist at Maybank Investment Banking Group, told Bloomberg.