Insight - Soaring prices may hamper recovery

Among all, food prices have been on a significant rise in the past few months.According to the United Nation’s Food and Agriculture Organisation, the global food price index is now 75% above pre-pandemic levels and had continued to creep up for the fifth straight month to reach a 12-month high in May.

THE rising inflationary pressure both globally and domestically has certainly stolen the limelight in recent weeks.

Despite the implication on policy developments, large segments of the low and middle-class population are grappling with the increasing prices of goods and this has eventually threatened consumer spending and increased the cost of living.