(Bloomberg) -- There are signs that the food inflation that’s gripped the world over the past year, raising prices of everything from shredded cheese to peanut butter, is about to get worse.
The Covid-19 pandemic upended food supply chains, paralyzing shipping, sickening workers that keep the world fed and ultimately raising consumer grocery costs around the globe last year. Now farmers -- especially ones raising cattle, hogs and poultry -- are getting squeezed by the highest corn and soybean prices in seven years. It’s lifted the costs of feeding their herds by 30% or more. To stay profitable, producers including Tyson Foods Inc. are increasing prices, which will ripple through supply chains and show up in the coming months as higher price tags for beef, pork and chicken around the world.
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WNU Editor: I have seen this play out more than once in my life. In every case inflation made life difficult for most people. But this cycle is going to be worse. The pandemic and current fiscal and monetary policies to address this health crisis have put into motion an inflation explosion that most people have not seen in their lifetime.
