Concerns mount over commodity prices
Drought in the US, rain in the UK and adverse weather in Russia has led to anxiety that commodity prices could rise again.
The Russian government has lowered its forecast grain harvest as poor weather conditions look set to damage the region's crop output. The news will concern the food industry, adding to spiking grain prices amid concerns over a supply shortfall. Katy Askew reports.
Prices of food and soft drinks in the UK increased at their slowest rate for two years in June, official figures said today (17 July). But beware: weather events on both sides of the Atlantic could accelerate inflation once more.
The US Department of Agriculture has lowered its forecast for domestic corn production, confirming market fears the country's worst drought in almost 25 years has hit yields.
Marks and Spencer has said it expects the extreme weather conditions in the UK are likely to have an affect on crops, potentially leading to a spike in prices.
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