Food prices off the boil for now, down 0.6% mom in May, still up 73% from trough
Food prices down 0.6% mom in May (versus down 1% April), up 23% yoy, up 73% from May 2020 trough
High household spend on (and high imports of) food in Bangladesh, Egypt, Jordan, Lebanon, Nigeria, Pakistan, Philippines
Implies ongoing pressure on inflation, fiscal spend (where governments subsidise), trade balance and social stability

Strategy & Head of Equity ResearchĀ @ Tellimer Research
