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Escalating Prices Are Changing the Way People Are Eating

As the fear of demand destruction starts to take shape, cooking oil, kitchen staples, and chicken is getting out of reach. Read on to know more

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Escalating Prices Are Changing the Way People Are Eating

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  1. Escalating Prices Are Changing the Way People Are Eating By Josie Patra March 30, 2022

  2. Article Overview   The impact of escalating prices Further Reading According to Bloomberg News, in India, roadside eating joints reduce their use of palm oil, migrating to steamed snacks. The Ivory Coast bakers are cutting down the size of their baguettes. Sandwiches from the fast-food stalls in the United States replace standard slices with fewer bacon slices and pizzas with just a sprinkle of pepperoni. The impact of escalating prices The global economy is already in the doldrums due to the Covid related pandemic and shortfalls, and now it is under the adverse impact of the ongoing Russian and Ukraine war. The cost of essential food items like cooking oil, meat, and bread has skyrocketed across the globe, causing the commodity markets to dwindle and disrupting the food system. Yemen, for instance, is the most vulnerable of societies, which has been importing 90% of its food amidst a depreciating currency and grinding dispute, the risk for hunger increases. In other nations, economists say people are concerned about so-called “demand destruction,” a situation where the price of goods becomes so high that they are not affordable.

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