There are a whole host of miserable problems with Joe Biden's economy, but thankfully, food increasingly appears to be not one of them:
Worries over surging global food costs are easing as prices of everything from cooking oils to wheat and corn tumble to the lowest levels in months on increasing physical supplies and as investors reduce their bullish bets on futures markets.
Palm oil, the world's most consumed edible oil, has plunged more than 40% from a record close in April to the weakest level in a year, while wheat has slumped over 35% from an all-time closing high in March, and corn has dropped about 30% from its peak this year.
This matters greatly. Yes, rent is astronomically high, and most consumer goods are just through the roof, and you can't afford a car these days without selling a kidney or two. But...you gotta eat. You gotta get that food. If that's out of reach, none of the rest of it really matters.
It might be easy to forget just how nervous everyone was only a few short months ago:
Russia's invasion of Ukraine in February choked supplies of grains and sunflower oil from the Black Sea, worsening existing shortages caused by extreme weather and supply-chain chaos. This sparked fears of a global food crisis, which would hit consumers in poorer nations particularly hard. Prices are now back to levels before the invasion.
A lot of us are probably laughing nervously right now and saying the same thing:
Thank goodness it did!
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