Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

The World Bank just published its <a href="http://blogs.worldbank.org/prospects/node/1342">Commodity Market Outlook</a>.
"Most commodity prices are expected to ease marginally in 2013," they write. "[C]rude oil will average US$102/bbl in 2013, just 3 percent lower than in 2012. Agricultural commodity prices are also forecast to decline: <keyword id="6181" type="COMPANY" weightage="60" keywordseo="Food">food</keyword> by 3.2 percent, beverages by 4.7 percent, and raw materials by 2.2 percent. Metal prices are expected to rise slightly but still average 14 percent lower than in 2011. Fertilizer prices are set to decline 2.9 percent, while precious metal prices will increase almost 2 percent."
Among other things, the report also examines what has driven food inflation, which has been on a tear in the last decade.
According to their econometric models, rising oil prices were the biggest driver followed by the stocks-to-use ratio, which is a measure of the supply-demand balance.
Other significant factors include protectionist trading policies, financial institutions adding commodities to their portfolios, weather, and diversion to biofuels (e.g. ethanol).
The World Bank's warning: most of the conditions that have driven food inflation are still in place.
Here's a complete breakdown. Note the far right column, which indicates whether the factor has been a headwind or tailwind to prices.

The 'Perfect Storm' Of Conditions That Has Worldwide Food Prices Surging, Itemized

<div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image"><a title_source="Business Insider/Matthew Boesler (data from Bloomberg)" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5331a8f1ecad04a638f51196-960/crb-food-index-1.png"></a>Business Insider/Matthew Boesler (data from Bloomberg)</div></div></div>Since the beginning of the year, food prices have been on a tear.
In a new report, Morgan Stanley commodities analysts led by Adam Longson attribute the surge in prices to a number of factors, "from weather (in the case of sugar, soybeans and coffee) to disease (in the case of hogs) to geopolitics (wheat and corn)."
The Morgan Stanley analysts don't believe this will continue. 
"To date, weather concerns in South America have proven overstated, as evidenced in the recent declines in sugar prices," they say.
"Tensions in the FSU do not appear to have disrupted grain shipments, nor do we expect them to going forward, barring further Russian incursions into Ukraine. Even disease pressures in the U.S. hog herd (though very real) should ease as we move into the warmer months."
In the report, the analysts break down the main factors driving each agricultural commodity. Their analysis is displayed in the table below.
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Bloomberg, Morgan Stanley Commodity Research" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5331a8a76bb3f74c1ac68303-960/screen shot 2014-03-25 at 11.43.14 am.png"></a>Bloomberg, Morgan Stanley Commodity Research</div></div></div>

Why Food Prices Are Surging

World <keyword id="54322" type="UNKNOWN" weightage="100" keywordseo="food-prices">food prices</keyword> reached to 4-year low in September. Prices of all major foods, barring meat, dropped sharply, the United Nation’s <keyword id="397960" type="ORGANIZATION" weightage="100" keywordseo="Food-and-Agriculture-Organisation">Food and Agriculture Organisation</keyword> (<keyword id="18639" type="ORGANIZATION" weightage="100" keywordseo="FAO">FAO</keyword>) has said. 
 
The FAO’s price index, which measures monthly price changes for a basket of cereals, oilseeds, dairy, meat and sugar, averaged 191.5 points in September, which is 2.6% less as compared to August. 
 
It is the sixth successive dip in the index, which according to the FAO, is the longest period of constant decline since the late 1990s. “The US dollar’s broad appreciation is affecting all international commodity prices,” it said. 
 
The ban by Russia on import of dairy products from countries that have imposed sanctions against Moscow over the conflict in Ukraine continues to affect dairy prices.

World Food Prices Fall To 4-year Low

<table class="image-container float_right" width="200"><tr><td><div class="image"></div><a href="http://www.flickr.com/photos/nickwebb/4158269418/sizes/l/in/photostream/">flickr/nickwebb</a></td></tr></table>British megabank <keyword id="6386585" type="CITY" weightage="60" keywordseo="Barclays">Barclays</keyword> has agreed to stop speculating on <keyword id="54322" type="UNKNOWN" weightage="60" keywordseo="food-prices">food prices</keyword>, <a href="http://wdm.org.uk/food-and-hunger/barclays-stops-speculating-food-%E2%80%93-campaigners-demand-regulation">according to the World Development Movement</a> (via <a href="https://twitter.com/rebeccamead_nyc/status/302441266896072704">New Yorker's Rebecca Mead</a>) — though it remains unclear whether it will stop offering such contracts to customers.
CEO Antony Jenkins said the practice was “not compatible with our purpose”.
The practice has been criticized for driving up the price of <keyword id="6181" type="COMPANY" weightage="60" keywordseo="Food">food</keyword>stuffs. The WDM says The bank made up to an estimated £500 million from speculating on food in 2010 and 2011.
The bank is undergoing a full blown transformation.
<a href="http://www.economicvoice.com/barclays-stops-speculating-on-food-campaigners-demand-regulation/50034887#ixzz2Kz0kmPP0">According to EconomicVoice.com</a>, Jenkins recently told UK MPs he would build a “socially useful” bank and “shred situations where we’re short-termist, too aggressive and too self-centred.”
The Guardian <a href="http://www.guardian.co.uk/business/2013/feb/13/barclays-antony-jenkins-reputation">says</a> not all Jenkins' promises have been well received by City rank and file.
Some in the investment bank are reported to have jeered during a session on cleaning up the culture. Jenkins insists he has a "good personal relationship" with Rich Ricci, head of the investment bank and a former lieutenant of Diamond.
Barclays also recently <a href="http://www.businessinsider.com/barclays-is-cutting-3700-jobs-2013-2">announced</a> a round of layoffs. On Monday, investigators will <a href="http://www.businessinsider.com/barlcays-abu-dhabi-loan-2013-2">reveal</a> the true source of a "mysterious" investment that helped balast the bank during the recession. It had previously been accused of obscuring the funds' true source.

Barclays Has Agreed To Stop Speculating On Food Prices

<div class="KonaFilter image-container float_right"><div class="image on-image"><a href="http://www.flickr.com/photos/10559879@N00/3122165824/in/photolist-5KTV8f-5KTVj5-5XTzoH-5Y2JTt-5Y71nh-6hb5NN-6PLqPe-6UJDdy-71Zd3Z-73m9tu-7h3EXH-8wXg84-9b9uUW-bmucfd-9HKfeC-aiW7JA-7XSgfX-fPSJJ5-9AMmHS-e6SnqL-89NNTP-d2fN35-7LHWzE-df7eM3-buZq7a-9XpPXp-fhzTWM-9B2BRj">Flickr/avlxyz</a></div></div>Indian <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword> rose to a seven-month high in September <a href="http://online.wsj.com/article/SB10001424052702304106704579134723224551480.html">due to high food and fuel prices</a>, the Wall Street Journal reports.
<keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>'s wholesale price index spiked 6.46% from a year earlier, up from a 6.10% increase in August.
The rising figures may spur the Reserve Bank of India to consider raising interest rates even amid tepid growth. <a href="http://online.wsj.com/article/SB10001424052702304106704579134723224551480.html">From the Journal</a>:
Inflation has hovered at levels above the central bank's comfort zone of 5.0% since June, driven by a sharp rise in <keyword id="54322" type="UNKNOWN" weightage="60" keywordseo="food-prices">food prices</keyword> after heavy rainfall damaged crops in northern India. Regular increases in domestic fuel prices in recent months as a weak rupee pushed up India's import costs have also stoked prices.
Economists say with inflation sustaining at levels the Reserve Bank of India believes aren't tolerable, another increase in monetary policy rates can't be ruled out.
Vegetable price inflation has been a major problem in India. And the cost of <keyword id="6470164" type="PERSON" weightage="60" keywordseo="onions">onions</keyword> - a cooking staple in the country - has <a href="http://www.rawstory.com/rs/2013/10/14/rising-onion-costs-send-india-inflation-to-7-month-high/">increased 322%</a> due to a supply shortage.
<a href="http://online.wsj.com/article/SB10001424052702304106704579134723224551480.html">Read the full report at the Wall Street Journal »</a>

Indian Food Prices Are Still Out Of Control

<ul><li>The overall wealth of food corporations and billionaires in this business swelled by 45% in mere two years to a mammoth $382 billion.</li><li>The biggest gainers of food price inflation is the privately owned Cargill family from the US - popularly known as ‘the richest people you have never heard of’.</li><li>The fifth generation of Cargills and MacMillans added four more billionaires to the family which now has 12 billionaires.</li><li>Oxfam’s research says that just 5.9% of the value of an average basket of groceries reaches small-scale farmers.</li></ul>During the pandemic, people across the world were scrambling for food which became pricier. Needless to say, the pandemic made more food billionaires than any other, according to an Oxfam report. Food and pharma are the best performing areas - but the rich in general did very well during the global pandemic. The <a href="https://www.businessinsider.in/business/news/billionaire-wealth-rose-more-in-2-years-than-in-the-last-23-years-combined/articleshow/91734674.cms">pandemic created a billionaire</a> every 30 hours while a million crashed into poverty every 33 hours since the pandemic. <div type="Article" hostid="261" msid="91734674" title="Billionaire wealth rose more in 2 years than in the last 23 years combined" mstype="2" mssubtype="0"></div><cmsannotation type="cmsannotation" annotationid="The ‘richest people you have never heard of’ - has 12 billionaires in the family" comment="subhead" text="The ‘richest people you have never heard of’ - has 12 billionaires in the family">The ‘richest people you have never heard of’ - has 12 billionaires in the family</cmsannotation> The overall wealth of food corporations and billionaires swelled by 45% in mere two years to a mammoth $382 billion. This is a direct effect of <keyword id="47228" type="General" weightage="20" keywordseo="rising-food-prices" source="Orion">rising food prices</keyword> which went up by over 33% in 2021. And, they could get richer as <keyword id="54322" type="General" weightage="20" keywordseo="food-prices" source="Orion">food prices</keyword> would rise by another 23% in 2022 - supercharged by the Ukraine war. Overall, the food industry created 62 <keyword id="9858714" type="General" weightage="20" keywordseo="new-billionaires" source="Orion">new billionaires</keyword>. The biggest gainer of the food price inflation is the privately owned Cargill Inc from the US - popularly known as ‘the richest people you have never heard of’. The conglomerate in the business of grain storage, fertilizer and other agri businesses - has added four more billionaires to the family which now has 12 billionaires amongst the fifth generation of Cargills and MacMillans. Last year, Cargill made its biggest profit in history – $5 billion - and is expected to beat its record again in 2022. <cmsannotation type="cmsannotation" annotationid="Wealth protected as dividends while small farmers made almost nothing" comment="subhead" text="Wealth protected as dividends while small farmers made almost nothing">Wealth protected as dividends while small farmers made almost nothing</cmsannotation> The Walton family of Walmart is now worth $238 billion — adding $8.8 billion since the pandemic started. They added $503,000 every hour, as per the report. “Increasing profits and bumper dividend payments suggest that the family fortune is being protected. Oxfam’s research found that employees and workers in supply chains are those who suffer when corporations protect their profits, and that just 5.9% of the value of an average basket of groceries reaches small-scale farmers,” the report said. At the same time, the food bills of people in low-income countries went up twice as much. In both rich and poor nations, people with low incomes spend most of their paycheck on food. “Wages in many places are falling in real terms as they fail to keep pace with the cost of living. It has never been more expensive to be poor,” the report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/billionaire-wealth-rose-more-in-2-years-than-in-the-last-23-years-combined/articleshow/91734674.cms">Billionaire wealth rose more in 2 years than in the last 23 years combined</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/thunderstorms-rain-bring-down-homes-and-power-supplies-along-with-temperatures-in-north-india/articleshow/91735531.cms">Thunderstorms, rain bring down homes and power supplies along with temperatures in North India</a>

The pandemic created 62 new ‘food’ billionaires and the Ukraine war will make them richer

<ul class="summary-list"><li>Brady's Restaurant in Boothbay Harbor, <keyword id="144960" type="ORGANIZATION" weightage="60" keywordseo="Maine">Maine</keyword>, cut opening hours because it can't get enough <keyword id="6181" type="COMPANY" weightage="60" keywordseo="Food">food</keyword>.</li><li>Its owner said that suppliers are hiking prices and substituting some orders.</li><li>"You order an 8-ounce patty, they'll send you a 2," she said.</li></ul>The owner of Brady's Restaurant in Boothbay Harbor, Maine, says <a href="https://www.businessinsider.com/restaurants-closing-early-higher-prices-summer-dining-2021-7?r=US&amp;IR=TIR=T">supply shortages</a> have forced it to cut its opening hours."Our food supply chains have gotten real sketchy," owner Jennie Mitchell told Insider.The restaurant now closes an hour early every day, and closes completely for an extra day each week, too, The <a href="https://www.boothbayregister.com/article/local-restaurants-reducing-hours-amid-labor-food-shortages/149266">Boothbay Register</a> first reported.Mitchell said that the US <a href="https://www.businessinsider.com/labor-shortage-hospitality-workers-restaurant-hotels-pay-wages-joblist-survey-2021-7?r=US&amp;IR=TIR=T">labor shortage</a> hadn't directly hit the restaurant - most of its staff had been there for years - but that it had disrupted supply chains, causing a "ripple effect."Read more: <a href="https://www.businessinsider.com/9-food-tech-companies-helping-restaurants-with-the-labor-crisis-2021-6?r=US&amp;IR=T&amp;inline-read-more&amp;inline-read-more&amp;inline-read-more&amp;inline-read-more&amp;inline-read-moreore&amp;inline-read-more">These 9 food tech startups are capitalizing on the labor crunch with tools that help franchisees hire or automate the restaurant workforce</a>Mitchell said that she hadn't been able to get pineapple juice for around three weeks earlier in the summer, and that some of her orders, such as salad dressing, were still being substituted for other items that were lower quality or different size to what she had ordered."Meats, they're doing stuff like you order an 8-ounce patty, they'll send you a 2, just to get you product in the door," she said.As well as shortages and substitutions, Mitchell said that <a href="https://www.businessinsider.com/beef-pork-prices-rising-inflation-when-food-costs-could-fall-2021-7?r=US&amp;IR=TIR=T">food prices</a> had gone up across the board, and that beef in particular had "gone through the roof." In June, beef and veal cost 13.2% more than in February 2020, <a href="https://www.businessinsider.com/consumer-price-index-inflation-june-2021-7">according to data</a> from the Bureau of Labor Statistics (BLS)."In the food industry it's just about everything," Mitchell said, discussing rising prices. "It rotates, you never know what it's gonna be."As a result, restaurants across the US have been <a href="https://www.businessinsider.com/restaurants-closing-early-higher-prices-summer-dining-2021-7?r=US&amp;IR=TIR=T">raising their menu prices</a>. The owner of Manville Pizza in Manville, New Jersey, <a href="https://www.businessinsider.com/chicken-wing-price-pizza-labor-shortage-shortages-food-cost-expensive-2021-6?r=US&amp;IR=TIR=T">told Insider</a> that he'd had to raise menu prices for chicken wings by more than 50%."Ultimately it's got to go on to the consumer," Mitchell said.The supply chain disruption comes as tourists are returning in droves."We haven't seen crowds like this in Boothbay Harbor since 1976" during the bicentennial, Mitchell said. "You can't get a hotel room in this town."<div type="image" title="Brady's Restaurant in Maine is full with diners" height="2274" width="3024" msid="84587151" hostid="261"></div>"It's a good problem to have," she said, but explained that she had had to adjust Brady's opening hours to ensure food supply could stretch to meet growing demand."I'd rather make people a little upset on the front end" and not seat customers, rather than find out after the diners have ordered that they don't have enough food, she said.Brady's is one of the lucky ones. Three other restaurants in Boothbay Harbor had closed "directly a result of having no staff," Mitchell said.A third of former hospitality workers said in a <a href="https://www.businessinsider.com/labor-shortage-hospitality-workers-restaurant-hotels-pay-wages-joblist-survey-2021-7">Joblist poll</a> that they wouldn't return to the industry. Alongside rising food costs, the <keyword id="637029" type="UNKNOWN" weightage="60" keywordseo="labor-shortage">labor shortage</keyword> is causing some restaurants to <a href="https://www.businessinsider.com/restaurants-closing-early-higher-prices-summer-dining-2021-7?r=US&amp;IR=TIR=T">cut opening hours and increase menu prices</a>. Got a story about how your business is responding to the labor and ingredients shortages? Email this report at gdean@insider.com.

A Maine restaurant is cutting opening hours because it can't get enough ingredients to serve diners. It says it's ordering 8-ounce burgers and receiving 2-ounce patties.

Discount supermarket Grocery Outlet could see more business as shoppers face high food prices. I visited the store and saw why bargain-hunters love it.

<ul class="summary-list"><li>Food inflation is easing, but food prices are still high by historical standards.</li><li>The UN's Food Price Index fell for the sixth straight month in September, but was still up 5.5% on-year.</li></ul>Food price inflation could ease going forward thanks to good harvests, but this does not mean food prices are coming off, Tiff Macklem, the governor of the Bank of Canada said on Sunday."I'm actually hopeful that at least food inflation — which isn't quite the same thing as food prices — is going to come down because in Canada and a number of other countries that have been reasonably good harvests," Macklem told government-funded <a href="https://www.cbc.ca/radio/costofliving/our-biggest-test-in-30-years-says-tiff-macklem-on-inflation-fight-1.6608318">CBC Radio</a>, in an interview about the cost of living in Canada.His comments came just after the <a href="https://www.fao.org/newsroom/detail/fao-food-price-index-drops-for-the-sixth-consecutive-month/en">United Nations Food and Agriculture Organization</a> released data on Friday showing its food price index fell for the sixth straight month in September. The index hit a record high in March, but even with the decline in September, was still 5.5% higher than a year ago.Food inflation has eased due to various factors, including slowing global growth, seasonal factors, and a <a href="https://www.businessinsider.com/ukraine-russia-reach-deal-allow-grain-exports-avoid-food-catastrophe-2022-7">UN and Turkey-brokered deal</a> to allow grain shipments from Ukraine to be exported from Black Sea ports, according to a blog post from the <a href="https://www.ifpri.org/blog/no-end-sight-yet-global-food-price-crisis">International Food Policy Research Institute</a> on September 27.However, "we're not out of the woods yet," the researchers wrote, adding that international food prices remain "high by historical standards, markets remain tight, and high price volatility continues — especially for wheat and maize." According to the UN, wheat prices rose 2.25% in September due to worries over the weather in the major exporters Argentina and the US, as well as Ukrainian grain exports from the Black Sea.<a href="https://www.businessinsider.com/inflation-food-prices-cost-eggs-butter-coffee-oil-expensive-list-2022-9">US food and drink prices</a> have also jumped 13.5% in August from a year ago, according to the <a href="https://www.bls.gov/news.release/cpi.t02.htm#cpipress2.f.6">Bureau of Labor Statistics.</a>There are also many moving parts to food prices. Other than the price of the raw materials, there are other <a href="https://www.ers.usda.gov/data-products/food-price-outlook/summary-findings/">economy-wide issues</a> that contribute to the prices of food, including supply chain snags, energy costs, and labor costs.Uncertainty over the <a href="https://www.businessinsider.com/next-food-crisis-supply-logistics-war-fertilizer-prices-harvest-2022-8">global food supply</a> is likely to persist next year. With the war in Ukraine continuing with "no end in sight," Ukrainian farmers are likely to plant less wheat this fall. High fertilizer costs also likely to be impact plantings, researchers from the <a href="https://www.ifpri.org/blog/no-end-sight-yet-global-food-price-crisis">International Food Policy Research Institute</a> said in the September report.Bank of Canada's Macklem highlighted the difficulty of forecasting volatile commodity prices."They're influenced largely by global events that are that we really have no control or influence over," Macklem told CBC Radio.

Food inflation might be slowing — but that doesn't spell good news for food prices just yet

<ul class="summary-list"><li>Foods is getting more expensive at grocery stores and restaurants.</li><li>Some companies are raising prices, while others are selling smaller quantities for the same price.</li><li>Supply-chain shortages and poor weather are helping drive higher commodity costs.</li></ul><keyword id="54322" type="PERSON" weightage="60" keywordseo="food-prices">Food prices</keyword> are surging in grocery stores as well as on restaurant menus.Last week, <a href="https://www.businessinsider.com/chipotle-hiking-prices-across-menu-to-offset-higher-wages-2021-6">Chipotle hiked prices for menu items by about 4%,</a> as the cost of labor and ingredients continues to rise amidst a spike in demand. Red Robin and Cracker Barrel have also increased prices by about 3%, <a href="https://www.wsj.com/articles/from-beans-to-burgers-food-is-getting-more-expensive-11623344185">The Wall Street Journal reported.</a> The chains may be forced to further hike prices if commodity costs continue to inflate.In May, US consumer <a href="https://www.bls.gov/news.release/pdf/cpi.pdf">prices hit their highest level in 13 years</a>, jumping 5% from the previous year, as the cost of meat products and baked goods led the surge in food prices, according to the <a href="https://www.bls.gov/news.release/pdf/cpi.pdf">US Department of Labor.</a>"We're in a period of unprecedented commodity inflation," Unilever CEO Alan Jope <a href="https://www.wsj.com/articles/from-beans-to-burgers-food-is-getting-more-expensive-11623344185">told investors</a> on Monday. As a result of increased product costs, some companies including Unilever have begun selling products at the same cost, but in smaller quantities.Even companies that cater to more frugal budgets have been forced to hike prices. Dollar Tree CEO Michael Witynski <a href="https://www.unilever.com/Images/unilever-q1-2021-trading-statement-presentation_tcm244-561155_en.pdf">said in May</a> that the company has struggled to keep prices low.<h2>Why are food prices surging?</h2>Food prices are rising in tandem with a <a href="https://www.businessinsider.com/cpi-inflation-may-supply-bottlenecks-shortages-price-growth-reopening-demand-2021-6">broader inflation trend in the US</a>. While <a href="https://www.businessinsider.com/used-car-prices-americans-keep-cars-longer-than-ever-before-2021-6">vehicle and fuel costs</a> have led the surge in consumer prices, <a href="https://www.businessinsider.com/household-products-coke-toilet-paper-diapers-coffee-tampons-price-increase-2021-4">food prices have also risen as increased demand meets supply-chain snags.</a> Key commodities have become increasingly difficult to obtain due to shipping delays, the <a href="https://www.businessinsider.com/us-labor-shortage-workers-hiring-chamber-commerce-jobs-emergency-2021-6">national labor shortage</a>, and severe droughts in key countries.A <a href="https://www.businessinsider.com/cargo-ships-waiting-to-dock-california-contributes-supply-chain-crisis-2021-4">global shipping-container shortage</a> - which has about 5.5% of all freighters waiting weeks outside of ports to unload, including <a href="https://www.businessinsider.com/cargo-ships-waiting-to-dock-california-contributes-supply-chain-crisis-2021-4">several key ports in southern California</a> - has made it difficult to transport goods. The delays have put transportation costs at a premium, as companies compete for limited space on container ships and delivery trucks. Overseas transportation costs between Asia and the US have surged about 250% higher from this time last year, <a href="https://www.freightos.com/freight-resources/coronavirus-updates/">according to online freight marketplace Freightos.</a><a href="https://www.businessinsider.com/home-depot-container-ship-over-delays-rising-shipping-costs-2021-6">Home Depot has even begun chartering its own container ships</a> in an attempt to side-step rising coats and bring its products into the US faster.<div type="image" title="shipping containers" height="683" width="1024" msid="83606316" hostid="261"></div>The US <keyword id="637029" type="UNKNOWN" weightage="60" keywordseo="labor-shortage">labor shortage</keyword> is also hampering production and transportation, from a <a href="https://www.businessinsider.com/truckers-pay-hike-salary-truck-driver-shortage-2021-6#:~:text=The%20massive%20shortage%20of%20truck,job%20vacancies%20in%20the%20industry.&amp;text=Companies%20needed%20more%20drivers%20and,for%20better%20salaries%2C%20CNN%20reported.ted.">truck-driver shortage</a> to <a href="https://www.businessinsider.com/restaurant-prices-labor-shortage-worker-wages-food-2021-6">restaurants and grocery stores scrambling to find workers</a>. Many companies, including <a href="https://www.cnbc.com/2021/05/13/mcdonalds-raises-hourly-wages-for-company-owned-restaurants.html">Chipotle and McDonalds, have hiked</a> worker pay, while other companies have provided additional incentives to lure employees back to work. One Jersey Mike's in California is <a href="https://www.businessinsider.com/jersey-mikes-offering-hiring-bonus-labor-shortage-2021-6#:~:text=As%20fast%20food%20chains%20struggle%20to%20find%20workers%2C%20one%20sandwich,for%20a%20new%20assistant%20manager.&amp;text=The%20company%20did%20not%20respond%20to%20a%20request%20for%20comment%20from%20Insider.der.">offering up to $10,000 in hiring bonuses</a>.Major droughts in countries like Brazil and Argentina are also <a href="https://www.businessinsider.com/taco-tortilla-shell-shortage-corn-based-products-price-increase-summer-2021-5">driving up prices for corn, coffee, and soybeans.</a> Last month, <a href="https://www.reuters.com/business/environment/brazil-drought-alert-country-faces-worst-dry-spell-91-years-2021-05-28/#:~:text=SAO%20PAULO%2C%20May%2028%20(Reuters,the%20risk%20of%20Amazon%20fires.">Reuters reported</a> Brazil was facing its worst drought in 91 years. A "megadrought" in California - the state responsible for over 25% of the nation's food supply - is also <a href="https://www.businessinsider.com/california-water-shortage-drought-could-cause-farm-food-prices-rise-2021-6">expected to have some impact on food prices in the coming months.</a><a href="https://www.businessinsider.com/jbs-cyberattack-comes-at-chaotic-time-for-meat-supply-chain-2021-6">Meat prices surged last week due to a ransomware attack on JBS</a>, a supplier that processes about 20-25% of the nation's beef, chicken, and pork products.Consumer prices are at a 13-year-high, but they're showing no signs of flagging. <a href="https://www.wsj.com/articles/from-beans-to-burgers-food-is-getting-more-expensive-11623344185">Executives from General Mills and Campbell Soup Company have warned they</a> may be forced to raise prices further if supply-chain issues continue.A Campbell spokesperson told Insider the entire food industry was experiencing inflation. "Campbell has a variety of tools to offset the inflationary environment, including pricing actions across most of our portfolio to reflect the broad-based increases in input costs."As companies continue to hike prices, <a href="https://www.nytimes.com/2021/03/06/business/global-shipping.html">experts say prices will only even out when the shipping crisis abates</a>, but no one knows how long the upheaval will last.

Your next meal is getting more expensive. Here's what's driving the surge in food prices.

<ul class="summary-list"><li><keyword id="12062969" type="UNKNOWN" weightage="60" keywordseo="food-prices" source="Orion">Food prices</keyword> will climb 10% within two months, the owner of <keyword id="11945515" type="UNKNOWN" weightage="60" keywordseo="supermarket" source="Orion">supermarket</keyword> chain Gristedes predicted.</li><li><keyword id="12343642" type="UNKNOWN" weightage="60" keywordseo="john-catsimatidis" source="Orion">John Catsimatidis</keyword> told Fox that <keyword id="11894142" type="UNKNOWN" weightage="60" keywordseo="food" source="Orion">food</keyword> companies would drop promotions and stop selling low-volume goods.</li></ul>John Catsimatidis, the <keyword id="12136587" type="UNKNOWN" weightage="60" keywordseo="billionaire" source="Orion">billionaire</keyword> supermarket owner, has predicted that food prices will spike 10% in the next two months.Catsimatidis, the owner and president of the New York City supermarket chain Gristede, told Fox's "Mornings with Maria" that <a href="https://www.businessinsider.com/why-are-food-prices-rising-grocery-restaurants-inflation-more-expensive-2021-6">food prices were</a> "going up faster than anybody expected.""I see over 10% in the next 60 days," he said, per a <a href="https://www.foxbusiness.com/money/food-prices-up-tremendously-billionaire-supermarket-owner">Fox Business</a> report.He didn't specify how much would be passed onto shoppers, but said he was "concerned" that people are paying more.<a href="https://www.businessinsider.com/restaurants-closing-early-higher-prices-summer-dining-2021-7?r=US&amp;IR=TIR=T">Prices of food are spiking</a> because, in part, of <a href="https://www.businessinsider.com/labor-shortage-chicken-wing-price-cost-farm-worker-restaurant-buffalo-2021-6?r=US&amp;IR=TIR=T">falling production</a>, caused by a <a href="https://www.businessinsider.com/america-isnt-running-out-of-everything-supply-chain-2021-10">shortage of workers</a> and supply-chain <a href="https://www.businessinsider.com/shipping-crisis-prices-costs-freight-inflation-economy-transport-2021-6?r=US&amp;IR=TIR=T">problems</a> such as shipping delays. This is paired with increasing consumer demand.The trend won't reverse "anytime soon," Catsimatidis said, per the Fox Business report.Food companies "want to be ahead of the curve," Catsimatidis said - and to do that they're "dropping all promotions" and "low-moving items.""In other words, if you have ten different types of muffins, they're only going to sell the top three," he said.He said he expected big brands such as Pepsi, Coca-Cola, and others to only sell their main products, stop promotions, and <a href="https://www.businessinsider.com/grocery-food-prices-skyrocketing-coronavirus-recession-unemployment-bonus-benefits-expire-2020-8">raise prices</a>. For example, Coca-Cola might cut back on cherry-flavored Coke, he said. Insider asked Coca-Cola and PepsiCo for comment, but did not immediately receive a response.PepsiCo CFO Hugh Johnston told <a href="https://www.cnbc.com/2021/10/05/pepsico-cfo-says-more-price-hikes-could-be-on-the-way-in-the-first-quarter.html">CNBC</a> on October 5 that he expected more price increases on the company's beverages and snacks in the first quarter of 2022. "That's just the reality for us and everybody else," he added. Catsimatidis previously told <a href="https://www.foxbusiness.com/lifestyle/inflation-will-lead-to-even-higher-grocery-prices-by-october-gristedes-ceo">Fox Business</a> in July that <a href="https://www.businessinsider.com/food-prices-rise-supermarket-grocer-restaurant-cost-supply-chain-shortage-2021-7">food prices could climb</a> by between 10% and 14% by October 1.Catsimatidis is also the owner and CEO of the real estate and aviation company Red Apple Group and the CEO of the oil refiner United Refining Company.Kevin Burke, managing director and member of the consumer team at Citizens Capital Markets, part of Citizens Bank, <a href="https://www.businessinsider.com/chicken-wing-price-pizza-labor-shortage-shortages-food-cost-expensive-2021-6">told Insider</a> in June that some restaurants could see a 10% increase in their food costs, adding that produce, dairy, and protein had already become more expensive.Ingredients cost more than before, a New Jersey pizzeria owner <a href="https://www.businessinsider.com/chicken-wing-price-pizza-labor-shortage-shortages-food-cost-expensive-2021-6">told Insider</a> in June. He said that his US supplier told him to expect "everything" to get more expensive.

A billionaire grocery-store owner predicts food prices will surge 10% over the next 2 months

The Masters has a reputation of being a bit stuffy, since it's run by its wealthy, secretive membership.
However, it has surprisingly blue-collar pricing for its concessions, as you can see in this photo from Golf Digest's Ashley Mayo.
And just because it's cheap, doesn't mean it's bad. Food blogger Jon Watson at the Atlanta Journal Constitution says the Pimento Cheese sandwiches <a href="http://blogs.ajc.com/food-and-more/2011/04/14/a-tradition-unlike-any-other-the-food-of-the-masters/">are really really good</a>.
<blockquote class="twitter-tweet">
The ridiculously low concession-stand prices at the Masters: <a href="http://t.co/wSltbSEWHP" title="http://twitter.com/AshleyKMayo/status/321377567733055488/photo/1">twitter.com/AshleyKMayo/st…</a>
— Ashley Mayo (@AshleyKMayo) <a href="https://twitter.com/AshleyKMayo/status/321377567733055488">April 8, 2013</a></blockquote>

Food Prices At The Masters Are Incredibly Low

Chicken isn't the only thing that <a href="http://www.businessinsider.com/december-2012-sees-record-chicken-prices-2013-1" target="_blank">way more expensive than it used to be</a>. Global <keyword id="54322" type="UNKNOWN" weightage="60" keywordseo="food-prices">food prices</keyword> are more than double what they were in 2003, according to the <a href="http://www.fao.org/worldfoodsituation/wfs-home/foodpricesindex/en/" target="_blank">Food and Agriculture Organisation of the United Nation's latest release</a>.
Take a look at this chart:
<div class="image-container" style="width:620px"><div class="image"></div><a href="http://www.fao.org/worldfoodsituation/wfs-home/foodpricesindex/en/">Food and Agriculture Organisation of the United Nations</a></div>
 Notice how this chart gets especially crazy right around 2007. According to research from anti-poverty advocacy group <a href="http://www.wdm.org.uk/food-speculation" target="_blank">World Development Movement</a> (WDM), this doubling of food prices could be be because big banks and hedge funds have been betting on food prices by the way of futures contracts.
One of the biggest food speculators in the market is Goldman Sachs, which made an estimated $400 million from speculating on food, according to a <a href="http://www.wdm.org.uk/food-and-hunger/goldman-sachs-made-%C2%A3251-million-betting-food-prices-2012" target="_blank">report by WDM</a>.
"Goldman Sachs is the global leader in a trade that is driving food prices up while nearly a billion people are hungry,"said WDM's Christine Haigh.
From the report:
"The US has passed legislation to limit speculation, but the controls have not been implemented due to a legal challenge from Wall Street spearheaded by the International Swaps and Derivatives Association, of which Goldman Sachs is a leading member. Similar legislation is on the table at the EU, but the UK government has so far opposed effective controls. Goldman Sachs has lobbied against controls in both the US and the EU."
However, Nobel-prize winning economist Paul Krugman thinks <a href="http://krugman.blogs.nytimes.com/2011/01/29/commodities-this-time-is-different/" target="_blank">this is all bunk</a>. At least he did, in 2011, when global food prices hit an all time high. <a href="http://krugman.blogs.nytimes.com/2011/02/05/soaring-food-prices/" target="_blank">In a column he wrote for the New York Times on the subject in early 2011</a>, he said that soaring food prices were more likely due to harvest failures than because of food speculators.
SEE ALSO: <a href="http://www.businessinsider.com/frozen-crops-in-china-2013-1">A Crazy Chinese Deep Freeze Is Causing Vegetable Prices To Surge [PHOTOS] &gt;</a>

You Searched For "food prices" and got 13 results

The 'Perfect Storm' Of Conditions That Has Worldwide Food Prices Surging, Itemized

Sam Ro

Why Food Prices Are Surging

Matthew Boesler

World Food Prices Fall To 4-year Low

BI India Bureau

Barclays Has Agreed To Stop Speculating On Food Prices

Rob Wile

Indian Food Prices Are Still Out Of Control

Steven Perlberg

The pandemic created 62 new ‘food’ billionaires and the Ukraine war will make them richer

Vaamanaa Sethi

A Maine restaurant is cutting opening hours because it can't get enough ingredients to serve diners. It says it's ordering 8-ounce burgers and receiving 2-ounce patties.

Grace Dean

Discount supermarket Grocery Outlet could see more business as shoppers face high food prices. I visited the store and saw why bargain-hunters love it.

Sarah Jackson

Food inflation might be slowing — but that doesn't spell good news for food prices just yet

Huileng Tan

Your next meal is getting more expensive. Here's what's driving the surge in food prices.

Grace Kay

A billionaire grocery-store owner predicts food prices will surge 10% over the next 2 months

Kate Duffy

Food Prices At The Masters Are Incredibly Low

Jay Yarow

Goldman Sachs Made $400 Million Betting On Food While People Starved, Says Anti-Poverty Group

Lisa Mahapatra

Popular Keywords

Buying Guides