Inflationary pressures for Asian food manufacturers have been less severe of late than for those based in other parts of the world, but in both 2022 and 2023 they are still forecast to grow, according to figures from Asian Development Outlook released in September 2022.
The forecasts show a regional inflation rate of 4.5% (revised up from an April 2022 forecast of 3.7%) for 2022, while 2023’s expected regional inflation rate was increased from April’s forecast of 3.1% to 4% for the year.
As stated, these figures are much lower than those for economies such as the US and the Euro area, but the report highlights that they are also significantly higher than inflation rates experienced above across Asia in the period immediately before the COVID pandemic, suggesting, it says, that “an increasing deviation from more normal price dynamics” is occurring.
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This story is from the MARCH - 2023 edition of Food & Beverages Processing.
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This story is from the MARCH - 2023 edition of Food & Beverages Processing.
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