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Falling Food Prices Give Hope for Peak Inflation Bets

Hello. Today we look at signs of relief in crisis-level agricultural prices, who’s next in the sovereign debt default club, and warning signs of a Chinese property bubble.

Soaring prices of agricultural goods, triggered in part by Russia’s invasion of Ukraine and its impact on fertilizer and wheat supplies in particular, have been one of the most painful elements of the cost-of-living shock in economies spanning the globe.