According to the United Nations Food and Agriculture Organization, food prices across the globe have reached their highest levels in over 10 years with a rise of just over 30% in the past year. While inflation is nothing new to many households around the world, the combination of the pandemic's financial impact and the cost of energy rising is only further burdening already-struggling families.

Supply chain issues, labour shortages, and political tensions are fuelling the upward trend with some of the most significant being seen in the prices of cereals and vegetable oils, of which demand continues to skyrocket despite numerous harvest setbacks.

However, some experts aren't hopeful that the situation will change anytime soon because "we've had pretty bad years [of harvests] in a lot of places," according to Peter Batt, an agribusiness expert at Curtin Business School and it's believed that climate change is one factor at the centre stage of falling production levels.

Disruptions in distribution remain to be another cause of concern because even when products are ready to be shipped out, health and safety requirements in place due to Covid-19 prevent crews from being able to carry out their onward journey.

Some also worry how the situation could also further aggravate social and political tensions, as the situation is likely to hit the less well-off social classes the most, pushing them further into poverty or threatening relations with countries that rely heavily on food imports.

Have you noticed an increase in the prices of everyday products recently?

Are you worried about how inflation will affect your finances?

Do you think there's anything that can be done to mitigate the effects felt by the most disadvantaged in society?

Let us know your thoughts in the comments below!

Influence your world,
Toluna Team