Crop prices continue their downward trend

A big part of the global inflation surge was caused by a rise in wholesale grain prices; particularly in 2022 when the Ukraine war meant that Ukraine's enormous wheat crop couldn't reach the global market.

However, a combination of a deal involving shipments of Ukranian grain through the black sea and American farmers increasing plantations of wheat, has brought grain prices down.

Here's a table of grain prices since 2010:

source

All things being equal, it means food prices should in theory start coming down. That is, unless supermarkets seize the opportunity to increase their margins, especially for all processed food.