Food Inflation Risks Are Brewing Across the Supermarket Again

As cocoa steals the spotlight with its red-hot rally, prices of other major crops are also ticking up — reviving the risk of food inflation that has remained stubbornly high in parts of the world.

Palm oil — used across a host of grocery items — is at a 17-month high, robusta coffee futures are the priciest since at least 2008, and white corn is up more than 30% this year. Bad weather shriveling harvests and tightening supplies is a key driver behind the latest increases.