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According to, Paul Bloxham, HSBC Holdings Plc's chief global commodities economist, climate change and geopolitical concerns are likely to keep crop prices elevated.
For the 2023 to 2024 agricultural cycle, producers have suffered significant losses in crops, especially corn, as climatic variations affect water availability, temperature and soil stability, which can reduce crop production and increase production costs, affecting the final price of foodstuffs.
Droughts, frosts, and torrential rains are affecting the main producing countries, threatening to reduce supply and increase the cost of agricultural commodities.
In addition, a Bloomberg gauge that evaluates nine agricultural commodities has risen so far this year and is headed for its largest weekly increase since july 2023.
Although the gauge is still far from its 2022 peak, the increases could translate into higher consumer prices, from bread to beverages, following a period of subdued supermarket inflation.
Translated by: A.M