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Cost of food in the world rising at fastest pace in 40 years – study
Global food prices have continued to grow substantially this year, with the price index shooting up 27%, according to the INFOLine information and analytical agency.
“This is one of the most dynamic price increases since the 70s. Then the price level was about the same, but then it was associated with global financial changes. For 40 years there has not been such a rise in prices that we are now observing,” INFOLine CEO Ivan Fedyakov told URA.RU.
The analyst pointed to the fact that prices for various goods are related. “Prices are growing not only for fruits and vegetables or milk, but also for feed and fertilizers. This triggers a price spiral, and prices rise and will continue to rise, but the other question is that purchasing power is not unlimited.”
European statistics agency Eurostat reported earlier that annual inflation in the eurozone jumped to a 13-year high in September, driven mainly by a surge in energy prices and the record-shattering cost of natural gas. It was the highest seen level since the economic crisis in September 2008, Eurostat said. According to its data, food, alcohol and tobacco prices across the euro area rose by an average of 2.1%.
In Canada, our uber-liberal Liberal government has placed a special carbon tax on gas and oil which has affected the cost of everything that moves. Everything that is plastic, including most packaging, is doubly affected. The idea is to reduce the consumption of fuels and lower the amount of carbon being exhausted.
Trudeau doesn't really think much beyond Toronto, Ottawa, and Montreal. He doesn't seem to realize just how immense Canada is and that moving goods from one city to another can mean travelling thousands of kilometres. It's like he's punishing us for having family in other provinces.
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Shelves stripped bare across UK as Brits rush to panic-buy
ahead of Christmas
10 Oct, 2021 14:07
The supply crisis in Britain has worsened as deep concerns over supply-chain woes, soaring energy bills, and staff shortages prompted millions of locals to stockpile festive essentials ahead of Christmas, leaving shelves empty.
About eight million Britons were unable to purchase essential food for two weeks between September 22 and October 3, while one in six said they were struggling to find non-essential items, according to data tracked by the Office of National Statistics (ONS).
Two-thirds of British shoppers polled by retail magazine The Grocer were worried or very worried at the prospect of food and drink shortages over Christmas.
Hundreds of thousands of British consumers have reportedly booked their delivery slots for Christmas. Nearly 22,000 slots had been reserved by lunchtime on the first day after supermarket chain Waitrose made dates available last week.
Britain has been struggling with a series of severe crises due to supply shortages attributed to several factors, including the Covid-19 pandemic, soaring gas prices, and breaching of trade and labour relations with the European Union.
Last week, London called in the army to help the authorities ease the fuel crisis by providing troops and transport to make deliveries to petrol stations after many of the outlets ran dry due to panic buying.
Earlier, the UK government issued more than 10,000 three-month visas for drivers of fuel tankers and food lorries, as well as poultry workers. The step was taken to tackle a severe labour crisis that has had an enormous negative impact on food retailers, fast-food chains, and distributors of fuels.
China’s сoal and power crisis hits global economy
Aggravated by nasty weather patterns
19 Oct, 2021 08:00
Surging coal prices and power shortages in China slowed the growth of the world’s second-largest economy in the third quarter and threaten to spill over to the global supply chains in the fourth quarter.
Last week, coal futures in China closed at a record high after sixty coal mines in the country’s top coal-producing region were forced to shut amid heavy rain, flooding, and landslides, worsening the energy supply crisis.
Later in the week, colder than normal weather in parts of China sent coal prices surging to new highs, while electricity demand soared. The rising power demand with cooler weather and industrial recovery after the pandemic has led to shortages of coal in the country, which has been rationing power supply in at least 17 of the mainland regions since last month.
Year to date, the price of the most actively traded Chinese coal futures has soared by over 200%, according to Reuters estimates.
As temperatures further plunged over the weekend, coal futures hit a new record today.
The power cuts and the subdued property investment after the Evergrande debacle resulted in weaker-than-expected economic growth in China in the third quarter. Gross domestic product (GDP) rose by 4.9% in Q3 compared to the same quarter last year, below the 5.2-percent growth expected by analysts in a Reuters poll.
The slowdown in Chinese economic growth and the power cuts in factories risk roiling further global supply chains, which have already been strained by a mass chip shortage and delays in shipments of various input materials.
For example, Dutch conglomerate Phillips warned on Monday that its Q3 sales were “impacted unfavorably by intensified global supply chain issues, such as the shortage of electronic components.”
“Supply chain volatility has intensified globally, which already led to longer lead times to convert our strong order book to revenue in the third quarter, and we expect this headwind to continue in the fourth quarter,” CEO Frans van Houten said.
Someone should ask Justin Trudeau what he would do if he were the Emporer of China?
Trade turnover between Russia & US jumps nearly 50%
since January – customs data
27 Oct, 2021 08:15
Russia has been actively increasing trade with the United States this year, particularly in energy, mineral fertilizers and timber, Ruslan Davydov, First Deputy Head of the Federal Customs Service, has told RIA Novosti.
“The United States is traditionally one of the five or seven major trading partners of our country. In general, trade is growing due to the increase in the cost of commodities, including energy, metals, timber, grain, and food. All these goods have grown in price,” Davydov explained.
According to the customs service, the volume of trade between Russia and the US surged by 48.7% in January-August, to more than $23 billion. Exports from Russia to the United States amounted to $11.78 billion dollars, up by 70.8%. US exports to Russia accounted for $11.58 billion, an increase of 31.4% year-on-year.
The share of the United States in Russia's total foreign-trade turnover for the reporting period increased to 4.8% from 4.4% a year earlier.
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