A major agricultural price index continued its spiraling rise this week, reaching significant new heights and potentially heralding an incoming hike in grocery prices as well.
Prices on Bloomberg’s Agricultural Spot Index finished Friday at $386, continuing a sharp spike after a brief dip at the start of the month which itself came after months of steady rise.
Analysts with Bloomberg noted that the index is the highest it’s been in eight years, indicating “flashing alarm signals for global shopping budgets.”
Consumers last year were already struggling with higher grocery budgets due to disruptions in the supply chain caused by COVID-19 lockdowns and fears of transmitting the virus.
Overall, the index was up roughly 70% from the same time last year. The continuing rise of those futures began early last summer and has continued mostly unabated since then.