Bloomberg Opinion, Columnist

How the Rising Cost of Food Is Sweeping Around the World

The factors lifting prices could persist even as we returns to pre-pandemic norms. The world’s poorest will bear the highest cost.

Who pays the price?

Photographer: Prashanth Vishwanathan/Bloomberg
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The cost of feeding the world is the most expensive it’s been in years. The Food and Agriculture Organization’s food price index, which tracks a basket of grains, vegetable oils, meat, dairy and sugar, rose to its highest level in a decade in May.

On the Chicago Mercantile Exchange, the prices of soybean oil is more than double what it was a year ago, while lean hogs and ethanol are up by about three-quarters. The same dynamic is affecting corn, palm oil, coffee, sugar and a host of other commodities. Even the price of moving food around the world is surging: The Baltic Handysize Index, which tracks freight rates on the ships used for hauling grains between continents, is at levels last seen in 2008.