Global food price inflation reaches all-time high amid record supply shortages

IHS Markit's unique global sector PMI data showed average prices charged by food producers to have risen at a rate unprecedented in over a decade in January, as supply shortages pushed up producers' costs. Rising food prices are important, as not only does food comprise a major proportion of consumer price inflation baskets, but rising food costs are politically undesirable, not only being highly visible but also hitting the poorest hardest.