Why food prices are rising in July
Be that as it may, the main reason for the rise in prices in the summer and early autumn is bad weather. Every year, due to bad weather, harvests all over the world are affected. For example, this summer, torrential rains in Brazil and drought in the United States have already hit the pockets of consumers around the world. The summer price increase was also promoted by the late start of the monsoon season in India and the severe drought in Australia.
Sugar prices in July have already increased by 12%, and this is due to the unfavorable agricultural situation in Brazil, which is the main supplier of sugar cane. Due to the drought in the US, corn and cornmeal prices have increased by as much as 33%.
We can recall the difficult food situation in Russia in 2010, when, for example, the price of buckwheat due to summer drought and poor harvest reached unprecedented heights. At that time, instead of the plan of 95 million tons of grain, only 60 were collected in Russia.That year, it was decided to impose an embargo on grain exports, which still could not stop the rapid rise in prices. As for this year, already in July, unfavorable forecasts were made regarding the final result of the harvest. This year, the grain harvest in Russia was planned at the level of 90-95 million tons, however, due to bad weather conditions, these expectations have already dropped to the level of 77 million tons. In addition, in the context of the WTO, Russian exporters are likely to have a desire to send as much grain as possible for export, which will provoke a strong increase in prices within the country.
However, the following question remains: in July, the harvest has not yet been completed and its final volume is unknown. Why, then, prices begin to rise in July? The point is in the forecasts of specialists. The same situation occurs when weather forecasters long in advance warn of the danger of a natural disaster, while groceries and essential goods are becoming more expensive in stores. For food suppliers, this is a kind of precaution.
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