COVID-19 restrictions continue to damage all aspects of life across the globe, and a new survey shows how the virus is – at least perceptually – causing food prices to soar.
In a new survey from Ipsos, 63 percent of global respondents said the cost of food, groceries and household supplies has increased since the appearance of the coronavirus. Argentina and Turkey had the highest percentage of respondents saying their food prices had increased with 86 percent, followed by Chile, Mexico and South Africa at 80 percent.
Ipsos notes that the rising core and food inflation rates across the world can combine to push prices even higher. While core inflation rates in large economies like the U.S. have been relatively unaffected by COVID-19, food inflation rates have risen much faster. Ultimately, many contributing factors that involve supply chains and other economic indicators are involved in a continued increase in food prices.
For the U.S., beef prices have been hit especially hard due to facilities shutting down from COVID-19 outbreaks. While prices may be stabilizing from these facilities closing, it can take much longer for supply chains to recover. The disruption to harvesting of fruits and vegetables in states like Michigan and California due to COVID-19 could cause prices on those foods to increase next.
