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High Food Prices to Pressure Inflation This Year
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Rising food prices are emerging as a significant headwind to the economic recovery from the pandemic this year, particularly in developing countries where food accounts for an important share of household consumption. Russia’s invasion of Ukraine could make those headwinds even stronger.
The price of basic staples such as wheat, corn and soybeans rose steeply last year, which would translate into higher grocery prices world-wide this year, economists said. Consumer food prices tend to lag behind commodity prices by several months. Even if food commodity inflation slows, as many forecasters expect, households will still face higher grocery bills in the months ahead.
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