According to the United Nations Food and Agriculture Organization, global food prices have hit an all-time high.
If you’ve gone grocery shopping lately, then you’ve likely noticed an increase in the costs of goods. That is because there is a global demand for many products and a limited supply. According to the FAO Food Price Index, which tracks the monthly fluctuations in the worldwide price of dairy, meat, cereal, sugar, and vegetable oils, the index rose to 134.4, the highest increase in a decade. The number has slowly been rising for the past four months.
The cost of cereals and dairy saw the highest price increases, followed by sugar. The prices of meat and vegetable oils saw a slight decrease in November.
This is raising concern amongst experts, who say that these price increases are hitting low-income families the hardest. Families struggling financially could typically receive meals from food banks. However, inflation is hitting these charitable pantries hard as well.
According to Alexandra McMahon, director of food strategy for the Gleaners Food Bank of Indianapolis, many basic food essentials that the public relies on have recently increased in price dramatically. A case of peanut butter, for example, that was formerly $13, is now $16.
“It has a big impact. It’s on our minds, and it’s on the minds of our hungry neighbors as well,” said Joseph Slater, chief operating officer of Gleaners.
Several factors are driving the higher cost of food. This includes supply shortages, factory closures, and political tensions.
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