But there is one bubble that seems to be flying under investors' radars: food prices. Société Générale's market strategist, Albert Edwards, thinks there is a bubble forming in food prices and it could have major consequences. The long-time market bear first flagged the issue in a December 17, 2020, research note. Now he is reiterating the message on January 14. Edwards has been watching the UN's Food and Agriculture FAO Food Price Index (FFPI), an index that tracks changes in the international prices of the most globally traded food commodities, such as oilseeds, dairy products, meat and sugar. The FAO Food Price Index has been surging. In December 2020, the index hit a three-year high, following a consecutive increase across seven months.