Worldwide Challenges

Ever wondered what’s been driving up food prices worIdwide?
Here are some insights:

Drought Effects

• At least 40% of the U.S. has been suffering from drought conditions for 101 consecutive weeks, and almost three-fourths of all farmers say that this year's drought is hurting their harvests. Overall, this is the worst multi-year megadrought in the United States in 1,200 years.
• Brazil has seen a significant loss of their coffee crops due to drought.
• Europeans are experiencing the worst drought in 500 years. In some parts of central Europe, river levels have fallen so low that "hunger stones" are being revealed for the first time in centuries.

Crops Declining in Production Within the U.S.

• Wheat
• Rice
• Tomatoes
• Carrots
• Corn
• Potatoes
• Celery
• Peaches

Price Increases

The prices of some fertilizers have tripled since 2021, while the prices of some other fertilizers have actually quadrupled. The prices for other goods have also jumped:

• Eggs are up 38%
• Flour is up 22.7%
• Chicken is up 17.6%
• Milk is up 15.6%
• Ground Beef is up 9.7%
• Bacon is up 9.2%
• Fruits are up 9.3%
• Vegetables are up 9.3%

Other Contributing Factors

• The Coronavirus outbreak has made an unprecedented impact on the global economy. The pandemic has exposed weaknesses in the supply chain, especially meat processing, and vulnerabilities in the distribution model.
• The avian flu greatly reduced egg production in the United States.
• The war in Ukraine led to a spike in wheat prices in the spring.