Global Food Prices Soar To Highest In A Decade Could Lead A Breakdown, They're Offshoring Everything

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All five components of the UN's food price index rose during the month, with the advance led by pricier vegetable oils, grain and sugar.
Month after month, the UN's Food and Agriculture Organization's food price index continues to soar to levels not seen in a decade. Soaring food prices have tremendous implications on societal trends and may result in unrest in emerging market countries if trends persist.
For May, the FAO Food Price Index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat, and sugar, surged to an average of points in May, higher than in April and higher than in May 2020.
"We have very little room for any production shock. We have very little room for any unexpected surge in demand in any country,” Abdolreza Abbassian, senior economist at the UN’s Food and Agriculture Organization, said by phone.
“Any of those things could push prices up further than they are now, and then we could start getting worried.”
We have a huge risk of driving all production offshore, even the Chamber of Commerce responded to Janet Yellen’s statement:
“The data and the evidence are clear: the proposed tax increases would greatly disadvantage businesses and harm American workers, and now is certainly not the time to erect new barriers to economic recovery.” – Suzanne Clark, CEO/President US Chamber of Commerce
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