The Brexit and pandemic of COVID-19 in 2020 had serious repercussions all over the world, especially in the European market. The food or agriculture sector is facing a teething problem due to the same. Even the market experts are finding it difficult to assess the situation because the transportation of goods and services have been marred. And agricultural goods are essential commodities.
Keeping the date of expiry on the bay has become a headache for the countries exporting agricultural commodities. It’s like myriad work at hands with little time in hands. It has led to the loss of millions of pounds, and it may extend in the absence of any policy further.
However, the entire food and agriculture business cannot be attributed alone to pandemic and Brexit. There are several reasons that require serious attention. The period for the Agri commodity is volatile, and that can put further pressure on retail prices. It can push the rates up.
Food and agriculture organisation
Last December, the food prices crossed the six-year high barrier of the retail price globally as per the assessment of the Food and Agriculture Organization of the United Nations.
Interestingly, it has been surging ever since then. The FAO Food Price index of January 2021 hiked by 4.3 per cent. Its eight consecutive months of price rise or inflation in the retail essential commodity market.
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