Food Inflation
The food inflation has shot up across the globe in the past one year with price increases in foods, pulses, oils, vegetables, fruits shooting up by anything between 30% to 200%. For instance with increased consumption of rice and wheat in most populous India and China due to their increasing prosperity, their export quantities have come down and this has lead to their increase in the world market. Similarly with US and Brazil pushing part of corn and sugar production to power and ethanol production, these commodities are in short supply elsewhere.