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Food inflation eases but more shocks around the corner by 123wert sdfsf
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Food inflation eases but more shocks around the corner |
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Business,Business News,Business Opportunities
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However, farmers and shoppers have been warned that furtherinflationary pressures could be around the corner, including recordglobal prices for soyabean. Food inflation fell sharply to 4.3 per cent in April from 5.4percent in March, contributing to dip in overall inflation to 1.3 percent, from 1.5 per cent in April, BRC figures published on Tuesday(May 8) show. BRC director general Stephen Robertson said the figures gavecustomers some reasons to be cheerful . Food inflation dropped to where it was before March s suddenrise and non-food goods have now been cheaper than a year ago forthree months in a row, he said. This time last year rocketing animal feed and ingredients costswere driving food prices up sharply.
Now, easing world prices forcommodities such as wheat and sugar are working through to theshops. Dairy products, alongside margarine and fish, were cited as areamong the foods seeing much lower inflation than last year. However, the BRC said it was hard to predict where food inflationwill go next. While retail competition will remain intense in theface of weak demand from customers , the prices of somecommodities, soyabean and corn (maize), are set to rise. The cost of soyabeans, used in animal feed and as a source of oilin processed foods, has risen by around 27 per cent since Januaryand is perilously close to the record high seen at the end ofJune 2008.
Global production has fallen as a result of hot and dry weather inLatin America, which accounts for over half of the world s exportof the commodity, while demand from Chinese imports has grown 20per cent in the first quarter of the year. The BRC said corn supplies have also suffered as a result of strongeconomic growth in emerging markets At the end of April, the United States Department for Agriculture (USDA) announced the largest sale of corn on any one day for over 20years, with China receiving the bulk of this export. The price of oil still remains a risk to overall inflation. Whilethe price has fallen back to around $119 a barrel from its recentpeak of $124, the UK Monetary Policy Committee noted that it was ashort-term risk to inflation which could alter their forecasts. I am an expert from Sports & Entertainment, usually analyzes all kind of industries situation, such as indoor rowing machine , black chrome plating.
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