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'Day by day': Trade bans, inflation send food prices soaring
As inflation surges around the world, politicians are scrambling for ways to keep food affordable as people increasingly protest the soaring cost of living
As inflation surges around the world, politicians are scrambling for ways to keep food affordable as people increasingly protest the soaring cost of living. One knee-jerk response has been food export bans aimed at protecting domestic prices and supplies as a growing number of governments in developing nations try to show a nervous public that their needs will be met.
Capital Economics forecasts that households in developed markets will spend anextra $7 billion a monthon food and beverages this year and much of next year due to inflation.
People there are bracing for even higher costs after India announced it wouldcap sugar exports this year.There's concern that the impact of all these factors will lead more countries to resort to food export bans, which are felt globally.
https://abcnews.go.com/Business/wireStory/day-day-trade-bans-inflation-send-food-prices-87287371
>Lengthy article, just picked out some highlights