Prices for major crops continue to rise, which could lead to higher food inflation, especially in regions where it already remains high. This is reported by Bloomberg.

Palm oil, which is widely used in food, has reached a 17-month high. Robusta coffee futures prices are the highest since at least 2008, and white corn prices have risen by more than 30% this year.

One of the main reasons for the price increase is negative weather conditions, which limit yields and lead to a reduction in supply. While the impact of wholesale price changes on retailers takes time to be felt, the price increases could have a significant impact on products in supermarkets and other stores.

According to the World Bank, in more than 60% of the 167 countries assessed, food inflation is higher than overall inflation.

Problems with the production of robusta coffee in Vietnam are exacerbated by heat waves affecting the growing regions. At the same time, dry weather in South Africa is worsening the prospects for corn production.

Palm oil prices have risen to their highest level since 2022 due to concerns about lower-than-expected supplies from the two largest producers, Indonesia and Malaysia.

Wheat prices also rose due to geopolitical risks associated with the conflict between Russia and Ukraine. "Ukraine's resilience in maintaining agricultural production in the face of war underscores its role as a global supplier, but prospects for peace remain uncertain, exacerbating market volatility," the World Bank report said.