by Celia Bergin
Global food prices rose to a two-year high in April, a sign that tariff uncertainty is starting to put a squeeze on trade.
A United Nations index tracking raw commodity costs of food rose to 128.3, a 1% month-on-month jump, taking it levels last seen in March 2023. While it takes time for the impact to filter through to supermarkets and the gauge remains well below a 2022 peak, the move hints at the possibility of pricer groceries after a period when food inflation had eased.
“Currency fluctuations influenced price movements in world markets, while tariff policy adjustments raised market uncertainty,” according to the Food and Agriculture Organization. Meanwhile, jumps in the prices of grains, meat and dairy also pushed the index higher.
Price volatility for agricultural goods, stemming from moves such as President Donald Trump’s tariffs and the subsequent retaliation from trade partners, had been flagged earlier this year. Despite a 90-day pause on some levies, global markets have been roiled by the policy back and forth of recent weeks.
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