If you have noticed your grocery bill going up in recent months, bad weather in the past year might be to blame. Food prices in November 2021 were at their highest level since June 2011 (unadjusted for inflation). After adjusting for inflation, 2021 food prices averaged for the 11 months of 2021 were the highest in 46 years. Food prices can be impacted by numerous factors, including weather, biofuel policies, trade policies, grain stocking policies, and fluctuating international financial conditions. High fuel prices, supply chain disruptions resulting from the pandemic, and high fertilizer prices are all contributing to the current high global food prices. But the most recent price hike in November was largely the result of a surge in prices of grains and dairy products. Carlos Mera, head of agricultural commodities market research at Rabobank, said that wheat prices, driven higher by drought and high temperatures hitting wheat farmers in the United States, Canada, and Russia, drove the increases.
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