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Weather and shipping issues may heighten food inflation through 2027
The article focuses on expectations of rising and increasingly difficult-to-control global food prices until 2027, due to a series of simultaneous shocks including shipping disruptions, rising energy and fertilizer costs, and drought linked to the El Niño phenomenon. These factors have led to unprecedented increases in rice prices in Indonesia, sugar prices in India, and a 25% hike in bread prices in Egypt since July, with inflation expected to continue and significantly impact consumers. Markets are also under pressure from disrupted grain shipments, higher fuel costs, shipping expenses increasing by up to 50%, and growing demand as major importers return to global markets. Meanwhile, stockpiles are losing their ability to withstand these pressures, which could lead to further price increases.
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