Coronavirus pandemic hits food prices globally!
An onion farmer had to let a good deal of his harvest decompose, because he had no facility to store his onions and so he was unable to re-distribute them in quantities that were big enough.
Tea planters in India stated that because of the lockdown measures in the country, the first of their Darjeeling tea crop had gone to waste and they were afraid that the same would happen to their second crop.
Gus Faucher, PNC Financial Services Group says:
“Beef, for example, some of the slaughterhouses, the packing plants have closed down because of COVID concerns. Or we’ve seen increased demand for ground beef, so that’s raised prices as well. So it’s a combination of both supply and demand issues.”
Dairy farmers in the United States of America, are stating that as a result of supply routes that have been disrupted, they have to dump as many as 14 million litres (3.7 million gallons) of milk daily. The same is also the scenario in other countries. In the United Kingdom, the Chair of the Royal Association of British Dairy Farmers, Peter Alvis, states that each week, around 5 million litres of milk were at risk.
Each week, a chicken processor in America, had to smash 750,000 unhatched eggs.
Even prior to the Coronavirus pandemic, there were indications that the price of foods would surge, all over the world. But with the onset of the New Coronavirus, the risk of the prices of food shooting up all over the globe, have increased drastically.
For instance, America went on to record what was their biggest ever increase in the prices of foods, in as many as around 50 years.
Professor Philip Braun, Northwestern University states:
“The last time the U.S. has seen food prices increase so dramatically was in 1973, early 1974.”
There can be no doubt about it, food prices have been hit all over the globe, because of the Coronavirus pandemic!