Your next trip to the grocery store might cause sticker shock. When global conflicts arise, tensions affect prices, causing food costs to skyrocket-especially for everyday items.
“Geopolitical disruptions in key trade regions inevitably create ripple effects across global supply chains, particularly for sectors such as food and drink, retail, and fashion that rely heavily on international sourcing and tightly managed inventory cycles,” said Jon Bahl, CEO of Linnworks, who has experience in product strategy in commerce operations.
As the Iran war escalates, several grocery basics are expected to rise in price because many countries involved in conflicts play a major role in international trade.
“When ports close or shipments are delayed, global supply tightens almost overnight,” explained Arjan Singh, founder and managing partner of Corporate War Games, who has helped shape many companies’ go-to-market plans.
Here are three staples that typically spike during a global conflict.
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Wheat-Based Foods Like Bread and Pasta Can Spike Quickly
Chances are bread, pasta, cereal and other items made from wheat are on your list. Singh said they can jump 40% or more.
“It’s not just the physical shortage; governments may also restrict exports to protect their own populations, which amplifies the price surge,” Singh added.
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Cooking Oil Prices Can Surge When Supply Is Disrupted
Cooking oils climb in price because production is limited to a few areas, and when a key supplier is impacted, there aren’t many quick solutions.
“Food manufacturers start switching to whatever oils they can find, which creates a ripple effect across the entire category,” Singh said. “As a result, prices for things like sunflower or vegetable oil can rise dramatically — sometimes doubling — because demand suddenly shifts while supply is constrained.”
Corn Prices Can Trigger Higher Meat and Dairy Costs
Corn is not only the foundation of many people’s diets, but also of animal feed. When a supply disruption happens, it affects popular packaged foods and the “entire protein chain,” Singh said.
“That initial spike in corn can be steep, but the bigger effect is what follows: higher costs for raising livestock, which then feed into higher prices for consumers,” he explained. “That’s why meat and dairy prices tend to rise more slowly but stick around longer.”
As farmers are forced to battle rising fuel, operational and feed costs, the higher prices are passed on to consumers.
“Unlike grains, where prices can spike and fall relatively quickly, protein prices are stickier,” Singh said. “Once they go up — often by 10% to 30% or more — they tend to stay elevated for longer periods because rebuilding herds and stabilizing supply takes time.”
Keeping an eye on price tags, buying in bulk and planning for these staples can make rising costs easier to manage.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: 3 Grocery Staples That Often Spike in Price During Global Tensions
