Food Prices Soar Worldwide as Major Exporters Limit Sales Due to Climate Impacts and Ukraine War

Food prices rising globally due to export limits from major producing countries like India, Myanmar, and Tanzania. This is causing shortages and price spikes.
Export limits are a response to reduced supplies from drought, damage from climate change, and loss of Ukraine exports due to war with Russia.
Previous global food price spikes were followed by rebounds in supply, but climate change may prevent this now. Volatility is the new normal.
An ongoing El Nino weather pattern could further damage crops, depending on severity and duration. More export limits likely.
Import dependent poor nations like the Philippines are especially vulnerable. People are buying less, cutting back on food and medicine.

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8/20/2023

Decoding Canada's food inflation maze - Writer's Bloc

### Summary July's food price data in Canada shows a slight decrease in overall food price inflation, indicating a potential decrease in prices for some essential unprocessed food items. Factors such as weather conditions, consumer preferences, disruptions in livestock production, and global trade dynamics influence food prices. ### Facts - 📈 Food prices in Canada increased at a slower rate in July, going from 8.3 percent to 7.8 percent. - 🌧️ Weather conditions like droughts and excessive rain impacted the prices of certain food items. - 🥩 Meat prices increased by 1.3 percent, possibly influenced by factors like beef prices, shifts in consumer preferences, disruptions in livestock production, and international trade dynamics. - 🥦 Veggie prices also went up by 1.2 percent, indicating supply uncertainties and weather-related disruptions impacting harvests. - 🥐 Bakery products and dairy products saw slight increases of 0.8 percent and 0.6 percent respectively, reflecting complex production and transportation processes. - 🐟 Fish prices declined by 1 percent, potentially due to evolving consumer behaviors or shifts in imports availability. - 🍎 Fruit prices decreased by 3.4 percent, highlighting vulnerabilities in the transportation and global demand for fruits. - 🌍 Comparatively, Canada has the second lowest food inflation rate within the G7 countries, with the United States having the lowest. - 🗺️ Food inflation rates in Quebec (9.4 percent) and Ontario (7.2 percent) demonstrate varying regional dynamics, affected by factors like weather and supply and demand balance. - ♻️ The impact of clean fuel and carbon taxes on food prices remains uncertain. - 🛒 Consumer preference for store brands and discount stores is growing, likely due to rising shelter expenses and a cost-conscious consumer market. - 🇨🇦 Canada's food system has shown resilience, but there is a need for collaboration to ensure everyone has access to affordable food.

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