Foodflation hits home: Cocoa prices surge to a 12-year high just after orange juice smashed records
Just days afterCocoa futures in the US jumped to their highest level since 2011,Prices of the chocolate bean are rallying amid a supply crunch caused by heavy rainfall and the spread of a black pod disease West Africa, which leads to the rotting of cocoa pods,Orange juice prices have also surged this month due to supply disruptions due to citrus greening - a crop disease - in Florida and Brazil, some of the world's largest juice exporters.
Cocoa and orange juice prices have surged even as US inflation cools from the 40-year highs hit last year, after the Federal Reserve raised interest rates aggressively. The annual pace of consumer-price increases dropped to 3% in June from 9% a year earlier, with the central bank hiking benchmark rates by 525 basis since early 2022.
Finance guru Larry McDonald recently weighed in on commodity inflation, pointing out the rise in prices of other foods including wheat and soybeans. He took that as an opportunity to mock those complaining the Fed has been too restrictive in its monetary policy, in a
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