(Bloomberg). — Baked beans are just two of the 100 staple Australian foods that could be affected by increasing prices of 20% or more, Robert Giles said, chief executive at canned goods producer SPC. He spoke to the Australian Financial Review.

Giles told the paper that the company “had no choice” but to raise consumer prices to mitigate higher input costs, or potentially face going out of business. 

Surging prices for fuel, wheat and packaging — including cans — are among the company’s price pressures, he said.

Inflation is threatening the global economy recovery and increasing attention has been paid to Australia’s cost of living. The topic is likely to feature strongly in the run-up to a national election that’s set to occur before the end of May. According to the government, it said that the upcoming federal budget would be focusing on those households most in need. The budget is expected to arrive later this month.

Australian Grocery Stores Could Seek Out Higher Prices for Chicken

The global prices of everything, from bread and gasoline to oil have increased. However, the world economy is still constrained by Covid-related logistical challenges and labor shortages. Meanwhile, Russia’s invasion of Ukraine has added to the challenging environment, sending shock waves through commodity markets — threatening the global food system at a time when prices are at all-time highs, with a benchmark UN index soaring more than 40% during the past two years.

The Global Food System is being torn apart by the Ukraine War

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