Get Ready for Global Food Prices to Set New Records As Store Shelves Remain Bare

What’s noteworthy is that inflation isn’t hitting everyone equally. Lowest income folks “feel the pinch the most,“ Josef Schmidhuber, deputy director for markets and trade at the FAO, told Bloomberg. “High energy costs and high food costs and high necessities -- they account for a large part of their overall expenditures.“ Rising prices of goods and services have rocketed inflation to its highest level in 40 years. The Biden administration has vowed to tackle the inflation monster, but it appears prices for food, energy, and shelter continue to rise ahead of midterms. Inflation is widespread, and it’s hitting the poorest the hardest. In the last two years, the price of agricultural products has risen sharply. This is reminiscent of 2007 and 2011, and new highs in food prices could be reached later this year.