A restaurant on the outskirts of Nairobi skimps on the size of its chapatis—a flaky, chewy Kenyan flatbread—to save on cooking oil. Know more:
—a flaky, chewy Kenyan flatbread—to save on cooking oil. Cash-strapped Pakistanis reluctantly go vegetarian, dropping beef and chicken from their diets because they can no longer afford meat. In Hungary, a café pulls burgers and fries off the menu, trying to dodge the high cost of oil and beef.On global markets, the prices of grains, vegetable oil, dairy and other agricultural commodities have fallen steadily from record highs.
The United Nations says food prices have fallen for 12 straight months, helped by decent harvests in places like Brazil and Russia and a fragile wartime agreement to allow grain shipments out of the Black Sea. Food markets are so interconnected that “wherever you are in the world, you feel the effect if global prices go up,” said Ian Mitchell, an economist and London-based co-director of the Europe program at the Center for Global Development.
And many of those costs are embedded in so-called core inflation, which excludes volatile food and energy prices and has proven stubbornly hard to wring out of the world economy. The White House last year complained that just four meatpacking companies control 85 percent of the US beef market. Likewise, just four firms control 70 percent of the pork market and 54 percent of the poultry market. Those companies, critics say, can and do use their market power to raise prices.
Outside the United States, he says, a strong dollar is to blame for keeping prices high. In other recent food-price crunches, like in 2007-2008, the dollar wasn’t especially strong. Corn flour, a staple in Kenyan households that is used to make corn meal known as ugali, has doubled in price over the last year. After the 2022 elections, President William Ruto ended subsidies meant to cushion consumers from higher prices. Nonetheless, he has promised to bring down corn flour prices.
In Hungary, people are increasingly unable to cope with the biggest spike in food prices in the EU, reaching 45 percent in March.
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