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Expand chart
Data: FactSet (CBT continuous contract); Chart: Thomas Oide/Axios

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.

Go deeper

Nov 23, 2021 - Axios Denver

Denver food banks struggle with rising prices and supply issues

Volunteers plate food during a Thanksgiving meal at the Denver Rescue Mission in 2018. Photo: AAron Ontiveroz/The Denver Post via Getty Images

A traditional Thanksgiving meal will cost about 14% more this year than in 2020 — and the price surge is straining local food banks working to feed families in need.

The big picture: Inflation, supply-chain challenges and soaring global demand for food, especially meat, have contributed to the rising costs, according to the American Farm Bureau.

Inside Trump's hunt for "disloyal" Republicans

Illustration: Aïda Amer/Axios

Donald Trump and his associates are systematically reshaping the Republican Party, working to install hand-picked loyalists across federal and state governments and destroy those he feels have been disloyal, sources close to the former president tell Axios.

Why it matters: If most or all of Trump’s candidates win, he will go into the 2024 election cycle with far more people willing to do his bidding who run the elections in key states.

1 hour ago - Politics & Policy

CPI: The new jobs number

Grocery shoppers in Washington, D.C., last month. Photo: Ting Shen/Xinhua via Getty Images

The Consumer Price Index has replaced the jobs report as the most anticipated data drop by the U.S. government.

Why it matters: Rising prices tend to lower political fortunes. Washington and Wall Street are now waiting for the CPI number to flash at 8:30am ET around the 10th day of each month. This month's report — due Friday morning — will give a reading of how hot inflation ran in November.

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