Hedge funds drive food price rises
World prices for basic food commodities (grains, soyabeans, vegetable oils) were up 40% in May 2021 on their level in May 2020, and the trend is accelerating. The impact on food prices in shops is high at present in Nigeria and West Africa. It has been low in Britain, Europe, the USA, and China. Food prices are now moderating in India, after about 10% inflation in 2020. Shop food prices depend on processing costs as well as world basic-commodity prices, and those may filter through into shop prices only with delay. Still, the rise in the underlying index is comparable in size to the food...