When you look at row crops and grains in the Table-2 breakdown of food prices the input price cost is easy to spot.

Annualizing the price outcomes, we see:

Flour at +60% in June and +38% in July.

Bread overall at +19% in June, and +34% in July.

Crackers at 12% in June, and +40% in July.

Massive food inflation incoming, the 3rd wave, as all the energy, fertilizer, labor and other jacked up input costs come home to roost. No pun intended.

Hat Tip Sundance at CTH.