JPMorgan has warned that fertiliser shortages and a strengthening super El Niño could keep global food prices elevated into 2027, pushing coffee, sugar, and cocoa higher and adding to the grocery bills US shoppers already face.
In a report titled 'Food Security Is National Security: A Compounding Storm', a JPMorgan team led by senior global economist Nora Szentivanyi projected that food inflation could climb to a 5% annualised rate in the first half of 2027. That would add 0.6 percentage points to global headline inflation and slow next year's expected price cooldown.
