Global

Food prices simmer, down 1% month on month in April but still up 74% from trough

  • Food prices down 1% mom in April (versus up 13% in March), up 30% yoy, up 74% 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

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