Just when you thought your grocery bills were starting to let up, global food prices are staging an unwelcome comeback. The UN’s Food and Agriculture Organization reported a 19-month food price peak in November, with its index climbing 5.7% higher than last year. This marks the highest point since Apr. 2023.

• Vegetable oils remain the primary culprit, rising 7.5% monthly, on top of last month’s 7.3% gain — driven by Indonesian supply constraints and higher prices for palm, rapeseed, soy, and sunflower oils.
• While dairy prices increased 0.6% amid rising butter and cheese costs, cereal prices offered some relief, dropping 2.7% thanks to improved crop conditions in major exporting countries.

Hold onto your cart: WalmartWMT

CEO Doug McMillon is also “disappointed to see food inflation start to tick back up,” imposing volume deals to lower input costs. While the retail giant deploys 6K price rollbacks and pushes private labels to combat costs, McMillon notes that processed food prices may take a while to return to pre-pandemic levels. Adding to concerns, potential new tariffs could further shake up costs for retailers and consumers — meaning your grocery run could feel like browsing a high-end boutique — except it’s just the pantry aisle.