According to a study, consumers need have little hope of falling food prices. “Experience has shown that price increases that have been implemented are rarely withdrawn,” said inflation expert at credit insurer Allianz Trade, Andy Jobst, on the study published on Monday. Accordingly, food prices will rise by an average of more than twelve percent this year, after having risen by as much as 22 percent in the first quarter. The prospects are better for next year. However, that means more of a stagnation. Commodity prices have recently fallen sharply. According to the study, wheat and soybeans, for example, cost as much as they did in 2021, i.e. before the start of the Russian attack on Ukraine, as a result of which energy and food prices rose sharply.
Consumption – food remains expensive – economy
