Food cost rising at fastest pace in 40 years globally: Study

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Global food prices have continued to grow substantially this year, with the price index shooting up 27pc, according to the INFOLine information and analytical agency. “This is one of the most dynamic price increases since the 70s. Then the price level was about the same, but then it was associated with global financial changes. For 40 years there has not been such a rise in prices that we are now observing,” INFOLine CEO Ivan Fedyakov said, reported RT. The analyst pointed to the fact that prices for various goods are related. “Prices are growing not only for fruits and vegetables or milk, but also for feed and fertilizers. This triggers a price spiral, and prices rise and will continue to rise, but the other question is that purchasing power is not unlimited.”

European statistics agency Eurostat reported earlier that annual inflation in the eurozone jumped to a 13-year high in September, driven mainly by a surge in energy prices and the record-shattering cost of natural gas. It was the highest seen level since the economic crisis in September 2008, Eurostat said. According to its data, food, alcohol and tobacco prices across the euro area rose by an average of 2.1pc.