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Food’s Getting Pricier Than Fuel
By Mr Ethanol | October 26, 2007
When we think of inflation, we often think these days of how gas prices have risen just a bit in recent years. It’s important to keep gasoline in mind, because those who report inflation numbers often don’t. As I explained in a previous article, those looking at so-called core inflation levels are ignoring food and fuel prices, which are conveniently left out of the calculation.
We’ve heard plenty about rising fuel prices, but have you stopped to notice what’s going on with food prices? They’re exploding. The Wall Street Journal recently reported that rising prices and surging demand for major crops have led to big changes in food markets. According to the article, corn prices are up 40%, soybeans up 75%, and wheat 70% and more — and they’re expected to stay high for years. Meanwhile, the wholesale price of chicken is up 15% this year, while the retail price of whole milk has jumped 26%.
Topics: Market, Negatives, Prices |
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