Goya Foods CEO Bob Unanue warned on Tuesday that the world is on 'the precipice' of a food crisis.
The Labor Department said earlier this month that the consumer price index – which measures a bevy of goods including gasoline, health care, groceries and rents – rose 8.5% in March from a year ago, the fastest pace since December 1981, when inflation hit 8.9%. Prices jumped 1.2% in the one-month period from February, the largest month-to-month jump since 2005.Price increases were widespread: Energy prices rose a stunning 11% in March from the previous month, and are up 32% from last year.
Food prices have also climbed 8.8% higher over the year and 1% over the month, with the largest increases in cereal and bakery products , poultry, fish and meat , fresh fruits and vegetables , and eggs . Unanue said on Tuesday that the war in Ukraine had contributed to further price hikes, noting that Ukraine and Russia contribute a large percentage of certain commodities to the global economy.
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