The opinion piece argues that food inflation is a bigger problem than oil for the Reserve Bank (RBA), which already knows it. Cocoa prices have almost doubled since February, rising above US$5,600 a tonne after heavy rain in Ivory Coast disrupted harvests, while rice is up 63%, wheat 31%, and oats and sugar more than 30%. Oil prices jumped after the war against Iran, and fertiliser has risen more than 30% since June. The author also points to government spending as adding to demand pressure, and argues that higher interest rates will do little to lower food prices while hitting the lowest-income households hardest.
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RBAinflationfood pricesinterest ratesAUDUSD
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Related tickers and likely impact
AUD/USD
• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/21/2026 | 0.70288 |
| Change that session | +0.35% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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