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Mexico's consumer agency Profeco reported that on Sept. 28, the 24-item basket ranged from MXN 739.90 at Mega Soriana La Diana in Acapulco to MXN 911.77 at Ley Juventud in Durango, against a pact target of MXN 910; the figures do not show whether the pact lowered overall food costs. Mexico renewed the voluntary PACIC pact on May 29 with 32 supplier and supermarket companies for six months, keeping the target unchanged. The finance ministry (SHCP) announced PACIC on May 4, 2022 to stabilize prices of 24 basic products and boost domestic food production, allowing companies to choose brands and formats. INEGI data show food, beverages and tobacco made up 34.9% of household spending in 2025, though this survey does not measure the pact's effect. A separate federal decree extended tariff exemptions for selected basic goods through Dec. 31, 2026.
- Reserve Bank and interest rates : Food inflation is a bigger issue than oil and the RBA knows it
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.
- Global food prices face fresh surge as supply shocks pile up
Global food inflation is expected to accelerate in the coming months and persist into 2027, as war-related shipping disruptions, higher farming costs, and El Niño-driven drought add pressure on supplies. The FAO Food Price Index averaged 136 points in September, its highest level since November 2022. Rice prices in Indonesia hit record highs, sugar in India reached an all-time high, and wheat prices have climbed more than 30% in 2026. Food prices outpaced headline inflation in 22% of the 150 countries analyzed by the World Bank in the September quarter, up from 14% in the previous quarter. With global grain stocks weakening as a buffer, the return of major importers to the market could push prices up more sharply.
- Food inflation set to accelerate globally and persist into 2027
Global food inflation is expected to accelerate in the coming months and persist into 2027, as shipping disruptions, higher farming costs and El Niño-driven drought strain supplies. Rice prices in Indonesia hit record highs, and sugar in India reached an all-time high after the weakest monsoon in more than a decade. Food prices outpaced headline inflation in 22% of the 150 countries the World Bank analyzed in the September quarter, up from 14%, and the FAO Food Price Index averaged 136 points in September, its highest since November 2022. Wheat has risen more than 30% in 2026 and freight rates on some key routes have climbed about 50%, while the war on Iran has lifted fuel prices and disrupted fertilizer exports through the Strait of Hormuz. The FAO warns that record grain stocks, which have cushioned prices, are starting to come under pressure as delayed import demand returns.
- Global food prices face fresh surge as supply shocks pile up
Global food inflation is expected to accelerate in the coming months and persist into 2027, driven by war-related shipping disruptions, higher farming costs and El Niño-driven drought. Rice prices in Indonesia reached record highs, and sugar in India hit an all-time high after the weakest monsoon in more than a decade. Food prices outpaced headline inflation in 22% of the 150 countries the World Bank analyzed in the September quarter, up from 14%, and the FAO Food Price Index averaged 136 points in September, its highest since November 2022. Wheat has climbed more than 30% in 2026 and freight rates on some key routes have risen about 50%, while the war on Iran has pushed up fuel prices and disrupted fertilizer exports through the Strait of Hormuz. The FAO says record grain stocks, which have cushioned prices, are coming under pressure as importers return to the market.
- Why are some food prices up and others down ? Here are the stories of 5 items
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