22nd November 2017.
Weather Phenomenon Could Bring UK Shoppers “Year Of Anxiety”
UK consumers could be hit by a new bout of food price inflation next year after the return of the La Niña global weather phenomenon, which may hit production of key commodities including coffee and cocoa.
With the uncertainty due to Brexit, and the current high-inflation environment, the UK could find itself heavily exposed to the consequences of the weather event.
La Nina is an ocean-atmosphere phenomenon, that tends to prompt dry weather in the US midwest and heavy rainfall in south-east Asia and Australia.
Stefan Vogel, head of agri commodity markets at Rabobank, predicted a “year of anxiety for UK farmers and consumers”.
La Niña is likely to prompt volatile prices for commodities – ranging from palm oil in south-east Asia, where above-average rainfall and isolated flooding can take place, to crops in parts of Argentina, Peru, southern Brazil and the US that might be affected by drought or low rainfall.
Rising crude oil prices and global freight costs as well as the potential impact of new tariffs on the import of goods once the UK leaves the EU, could all add to price rises according to the new report by Rabobank.
Rabobank strongly urges food and agribusinesses to plan ahead to manage any forthcoming risks proactively and appropriately.
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