INFLATION ALERT: UN’s FAO food price index surges 2.1% in March

There is no inflation if you don’t eat.

The United Nation’s Food and Agriculture Organization (FAO) reported that global food costs keep climbing.

From grains to vegetable oils to meat, everything is surging across the world since the start of the coronavirus pandemic, mainly because China is buying all the supplies.

Here is what the UN’s FAO is reporting:

The food price index jumped 2.1 percent in March. Vegetable oil prices surged eight percent to a decade-high, and meat and dairy costs spiked. Surprisingly, grains and sugar prices declined last month, although this is likely to be a blip on the radar.

Abdolreza Abbassian, a senior economist at the UN’s Food and Agriculture Organization, wrote in the report:

“Generally speaking, supplies for now are adequate. We might have reached a level whereby from now on even if we see price increases, they may be a bit more subtle.”

This comes as the U.S. faces a combination of shortages, price hikes, and shrinkflation.