GOYA CEO: world on the brink of a food crisis

Goya Foods CEO Bob Unanue warned on Tuesday that the world is on the brink of a food crisis.

Speaking on “Mornings with Maria,” he also argued that the world has “weaponized food.”

“We are on the precipice of a global food crisis,” the CEO told host Maria Bartiromo.

Inflation accelerated to a new four-decade high in March with supply chain constraints, the Russian war in Ukraine and strong consumer demand fueling rapid price gains that wiped out the benefits of rising wages for most Americans.

The Labor Department said earlier this month that the consumer price index – which measures a bevy of goods including gasoline, health care, groceries and rents – rose 8.5% in March from a year ago, the fastest pace since December 1981, when inflation hit 8.9%. Prices jumped 1.2% in the one-month period from February, the largest month-to-month jump since 2005.

Price increases were widespread: Energy prices rose a stunning 11% in March from the previous month, and are up 32% from last year. Gasoline, on average, costs 48% more than it did last year after rising 18.3% in March on a monthly basis as the Russian war in Ukraine fueled a rapid increase in oil prices.

Food prices have also climbed 8.8% higher over the year and 1% over the month, with the largest increases in cereal and bakery products (10%), poultry, fish and meat (13.8%), fresh fruits and vegetables (8.1%), and eggs (11.2%).

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