A amalgam of factors is expected to push up food prices over the next few years. Alongside inflation, the BBC reports that "poor harvests in Brazil, which is one of the world's biggest agricultural exporters, drought in Russia, reduced planting in the US and stockpiling in China have combined with more expensive fertiliser, energy and shipping costs to push prices up."
PepsiCo has been one of the main brands warning about raising prices.
The government has been "resolute" in its dedication current gas price cap amid market turmoil and shortages. Business secretary Kwasi Kwarteng refused to make any promises over government action over the winter period as gas prices reach record levels.
Meanwhile, a Russian envoy has blamed the EU's enmity towards Moscow as a key reason behind the shortage. Gazprom, a state-controlled Russian gas company provides 35% of Europe's gas demand.
For a rundown of the current gas crisis, read the Digest's very own Samuel Brown's article linked below.
Comentários