US drought will lead to inflation and higher food prices, says report

Guardian: America's severest drought in half a century will push up inflation and put a fresh obstacle in the path of the struggling global economy, one of the UK's leading banks has warned. Karen Ward, senior global economist at HSBC, said sharp increases in the cost of wheat, corn and soya beans came at a time when growth was slowing but said the weakness of wage pressure meant there was no need for central banks to raise interest in response to a higher cost of living." Blistering heat in the US has......

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