Despite inflation cooling off in many countries, the skyrocketing price of groceries remains a global issue, and one without a clear explanation behind it. 

Economists and central banks cite a combination of reasons for the high prices of food globally, including Russia’s military operation in Ukraine, which has caused international fertilizer and grain prices to go through the roof. Russia’s recent withdrawal from the Black Sea grain deal could continue to push up the price of grain by as much as 15 percent, the International Monetary Fund estimates.

Continuing cases of disruption to international exports, sanctions, and supply chain snags have also resulted in higher prices for international consumers.

The impact of harsh weather, like the heavy monsoon season in India that shrunk the rice harvest and pushed prices higher, is another reason experts point to for the high price of groceries. An avian flu epidemic in February of 2022 skyrocketed the price of eggs in the U.S., which has since come down some.

UK food prices were up 17.4 percent in the last year up to June, while the U.S. saw an increase of 4.6 percent in grocery costs over the same period.

The UN’s index of global food prices rose by 1.3 percent in July from June.

“We must take care to avoid vicious circles of supply availability concerns leading to more export restrictions and higher prices,” said the World Trade Organization Director-General.

Central banks and economists resist the idea that ‘greedflation,’ or corporate price gouging that takes advantage of economic conditions to inflate profits, is a phenomenon affecting the price of food.

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