Preparing for higher food prices

Based on anecdotal evidence from my mother's trips to the supermarket and wet market, food prices have been increasing recently.

At the macro level, various disasters in Russia, Pakistan and other parts of the world have resulted in lower crop output, and food availability on the global markets is further exacerbated by the recent Russian decision to ban wheat exports until late 2011. On a longer term basis, that there are increasing worries about global food supplies can be seen in the intense M&A battles over top-quality fertiliser companies, such as the Rio Tinto bid for PotashCorp of Canada.

Given the likelihood of pressure on global food supplies, it would be prudent for us to practise food storage at home. The habit of buying and keeping extra food can help to lower our food costs over the longer term, as it allows us to plan our purchases when items are put on sale by the supermarket chains. Of course, storing food implies having a system for tracking expiry dates so that we consume the items on a timely basis, and rotate them periodically, buying new supplies to replenish the stock levels.

Besides food storage, for those who are so inclined, growing a small set of food crops can also be done, even if one is living in an HDB flat. For more information, one can visit the Green Culture Singapore forum, where enthusiasts provide tips for growing food in small areas.

By doing what are within our means, we can hopefully ameliorate some of the effects of the coming food crunch and help protect our families to some extent.