“For the most part, food costs are rising faster than many other products,” said Sal Guatieri, senior economist with BMO Capital Markets. “We do anticipate that food cost will continue to rise.”
Global supply problems, growing demands from rising middle classes in China and India, the shift toward using agricultural crops for biofuels, and rising fuel prices are some of the factors pushing prices of wheat, sugar, corn, soybeans, coffee and other staples through the roof.
excerpt from The Globe and Mail