Robert Giles, chief executive of canned food giant SPC, expects about 100 staple foods in Australia to be hit by price increases of up to 20 per cent, including baked beans and canned spaghetti, Zhitong Financial APP has learned.

Giles said the company had "no choice" but to reduce input costs by raising prices or risk bankruptcy.

He said the soaring price of fuel, wheat and packaging, including cans, was one of the price pressures facing the company.

The cost of living for Australians is getting more and more attention as inflation drags down the global economic recovery. Inflation is likely to be a hot topic on the eve of the federal election scheduled for the end of May.

Global prices for everything from bread to gasoline are rising, and the world economy has been hit by logistics disruptions and labour shortages associated with the COVID-19 epidemic.

At the same time, the conflict between Russia and Ukraine has exacerbated the harsh environment, hit commodity markets and threatened global food security at a time when food prices are at historic highs. Over the past two years, the UN benchmark food price index has soared by more than 40 per cent.