Crop prices see largest monthly jump since 2012 in August
Crop prices are set to cap their biggest monthly jump since 2012, thanks to wars and wild weather.
In August, the Bloomberg Agriculture Spot Index, which tracks 10 major products, shot up over 13%.
Wheat is especially pricey right now because attacks on Black Sea ports have disrupted grain exports from Ukraine and Russia.
Sugar and cocoa near 20% rise
Sugar and cocoa prices are up nearly 20% as El Nino worries make things worse for farmers.
Heat waves have shrunk corn harvests in Europe and the US while India's low sugar stockpiles pushed prices even higher.
With rising energy and transport bills driven by the war in Iran and worries about fuel and fertilizer flows, pricier basics like bread, meat, and dairy are expected.
Alternate exporters like Australia or Canada can't fully fill the gap, so expect these higher prices to stick around.