The drought that's drying up the Heartland isn't just an American problem. It's causing food prices to surge worldwide.
Food prices jumped 6% in July, after three months of declines, according to the United Nations' monthly Food Price Index released Thursday. The main drivers behind the increase? Grain prices. And more specifically, corn prices, which have hit record highs in recent weeks.
According to the U.N. report, global corn prices surged nearly 23% in July, exacerbated by "the severe deterioration of maize crop prospects in the United States, following drought conditions and excessive heat during critical stages of the crop development."
"I think it's going to have a big impact [on consumers,]" said Sam Zippin, analyst at Sageworks, a financial information company.
"Corn is in almost everything."
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