Worldwide food prices have reached the highest levels in a decade – and experts are warning that price spikes of up to 16 per cent in the US could worsen, partly because of soaring energy costs.
The United Nation's Food and Agriculture Organization (FAO)'s September food price index – a measure of monthly changes in global food prices – reached 130 points, a level not seen since 2011.
It represents a 32.8percent increase from September 2020.
Prices are also skyrocketing in the US, where beef prices have jumped 12.2 percent during the past year, and the cost of bacon increased 17 percent, according to the US labor department.
Meat, poultry, fish, and eggs sold at an eight percent premium this year, with prices up 15.7 percent since August 2019.
A carton of eggs is likely to cost a shopper an extra 10 percent this year, a hike that's being blamed on across-the-board rises to food costs in both nationally and worldwide
The price of bacon has increased by 17percent, according the US labor department
The cost of fresh fish and seafood jumped 10.7percent, and eggs are setting shoppers back an extra 10percent.
The dairy group was the only area that observed a decline, after falling 0.5percent year-over-year.
David Ortega, associate professor and food economist at Michigan State University, said food prices will continue to be affected by a multitude of factors in the short-term.
The ongoing COVID-19 pandemic, climate change, and the law of supply and demand among the reasons he cited for the price spikes, he said.
David Ortega, associate professor and food economist at Michigan State University, says numerous factors are contributing to the price hikes shoppers are seeing in stores
'Consumer behavior is changing and demand is increasing as consumers are starting to re-re-emerge from this latest surge of covid cases,' Ortega told DailyMail.com. 'There are some serious supply chain logistic issues which are affecting shipping and transportation times that are adding to rising costs. Labor shortages and rising wages are also partly to blame.'
Climate change is also playing a role, he
