Author: Dr. Bob Thiel
Currently, my wife Joyce and I are in Ireland.
Here is an Irish report about food price inflation:
Cost inflation top threat to growth in food sector
May 18, 2022
Rising input costs and inflationary pressures have been identified as the top threat to business growth in the food sector here.
In a survey of 70 small and medium sized food firms carried out by the food business representative group Love Irish Food, and professional services firm, PwC, 97% identified those areas as presenting the most significant challenge to growth.
Supply chain issues and rising energy prices had already caused input costs to soar in many sectors, but the war in Ukraine has exacerbated the situation and much of the pricing pressure has yet to make its way through the system.
Price hikes in animal feed, energy and fertiliser, along with supply chain issues, have seen food processors passing those increases on to the end consumer.
It is estimated that commodity price increases can take up to six months to reach consumers, meaning pressure on pricing is likely to continue at all stages of the process. …
“Irish food producers now face a tidal wave of challenges that encompass near doubling of energy costs, limited availability of key food and non-food ingredients, wider supply chain issues, and labour retention costs,” Kieran Rumley, Executive Director, Love Irish Food said.
“With [overall] inflation now estimated to reach between 7% and 9% in the third quarter driven by energy costs, the food industry is set for the biggest challenge that it has faced in many decades,” he added. https://www.rte.ie/news/business/2022/0518/1298389-cost-inflation-top-threat-to-growth-in-food-sector/
Jesus, in both the 24th chapter of Matthew and the Book of Revelation in chapter 6, lists a sequence of events including war, famine, and pestilences.
Shortages of fertilizer components, partially caused by Russia’s moves into Ukraine, and partially by Western moves against Russia are a factor here, as well as rising energy costs.
And then, there will be the affect of Ukraine producing and exporting less food …
Read full article and related links; ‘Cost inflation top threat to growth in food sector’
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Author: Dr. Bob Thiel
Radio News Reporter: James Martenet
