This echoes a forecast from the South African National Agricultural Marketing Council that food inflation is to rise at a faster rate from next month to November, as well as a warning from the International Federation of Red Cross and Red Crescent Societies (IFRC) that a new wave of food inflation and severe hikes in the price of basic foodstuffs cause many of the world's poorest people to slide further into deeper poverty and face the danger of severe hunger and malnutrition.
"Higher commodity prices and increasing costs in the food value chain are gradually working their way into food prices" said the Agricultural Marketing Council earlier this month, "given the typical lag between producer and consumer prices, it is likely that food prices will increase at a faster rate over the outlook period." The marketing council's quarterly food monitor shows that food and beverage inflation from July last year to July this year was at its highest level since July 2009. The food inflation rate for this period was 7,4%.
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