Nov 5, 2021 - Economy
Climbing wheat prices drive cost of pizza, pastries higher
Add Axios as your preferred source to
see more of our stories on Google.
The cost of pizza and pastries is on the rise. Wheat prices have climbed to an eight-year high as inclement weather has damaged a wide swath of the world’s crop.
The big picture: Global protectionism plays into this as well.
- China holds much of the world’s wheat crop, but doesn’t sell much of that stockpile abroad, Bloomberg reports.
- Russia recently started taxing wheat exports, in a bid to hang on to more of its supply, the report says.
Of note: Wheat isn’t alone among food staples getting more expensive — but it is one of the more extreme cases.
- In a report out Thursday, the United Nations’ food and agriculture arm estimated that global food costs were up about 3% in October, compared to the month before.
