Consumer food-price inflation
Consumers are experiencing more stable food prices and lower food-price inflation than in recent years, according to the “Agricultural Outlook, 2014-2023” from the OECD and FAO. People in rich countries are benefiting most. During the commodity-price boom of 2008 consumer food-price inflation peaked at 23% in Africa, falling to 6% at the start of 2014. In the mainly rich OECD countries it rose by only 7% and has since fallen to 2%. Food prices in China increased by 18% in the year to January 2008 but by only 3.7% in the year to January 2014. In the recession in 2009 food prices in the United States and Japan fell. But in India they jumped 21% in that year, thanks in part to rising incomes and demand.
This article appeared in the Economic & financial indicators section of the print edition under the headline "Consumer food-price inflation"