The prices of commodities have soared over the past 12 months, seriously affecting consumer-staple companies which, in turn, are expected to pass rising costs onto consumers. Statistics show that corn futures contracts have skyrocketed 96% over the past year, with cotton and wheat futures contracts also shooting up 54% and 50% respectively. The price of lumber has seen a meteoric rise of 265% in the past year, to a record high of $1,326 per thousand board feet on Monday. Meanwhile, this week Coca-Cola CEO James Quincey told CNBC his company would raise prices for its products due to the increasing costs associated with higher commodity
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