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A world that's more expensive is starting to destroy demand

Global food prices set a record last month, according to UN, as Russia-Ukraine invasion disrupted shipments from countries that, together, supply 1-quarter of world's grain and much of its cooking oil

economy, export, transport, trade
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Photo: Bloomberg

David R Baker, Allison Smith & Sheela Tobben | Bloomberg
Prices for some of the world’s most pivotal products – foods, fuels, plastics, metals – are spiking. That’s forcing consumers to cut back and, if the trend grows, may tip economies already buffeted by pandemic and war back into recession.
 
The phenomenon is happening in ways large and small. Soaring natural gas prices in China force ceramic factories burning the fuel to halve their operations. European steel mills using electric arc furnaces scale back production as power costs soar, making the metal even more expensive.
 
Global food prices set a record last month, according to the United Nations, as Russia’s

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First Published: Mar 28 2022 | 12:26 AM IST

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