Unless you are watching food prices really close, Americans walking the isles of their grocery stores still do not realize that the escalation of food prices has just begun. As the prophets have foretold, we are living in a day when world famine will be met with astronomic food price inflation. This month, alone, the price of food climbed a total of 2.4% (29%/year). For the sixth consecutive months, the wholesale price of food has risen toppling all records since 1984. The National Inflation Association (NIA) with the National Institute of Health (NIH) has now sent out the warning that the breakout of food inflation is imminent similar to India’s 2009 wholesale food price inflation of 20% that was reflected in a 30-70% retail inflationary spiral between the years of 2007-2009 on Indian food staples such as rice, wheat, atta, tur dal, sugar, gud, tea, milk, potato, onions and salt.
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The recent wholesale food price increases on a year-over-year basis include the following:
· Fresh and Dry Vegetables up 56.1%
· Fresh Fruits and Melons up 28.8%
· Eggs for Fresh Use up 33.6%
· Pork up 19.1%
· Beef and Veal up 10.7%
· Dairy products up 9.7%
Back on October 30, 2009, the NIA predicted that that next cycle of inflation would hit the American economy in the agricultural food sector. The Producer Price Index (PPI) produced by the Bureau of Labor Statistic (BLS) released their report that the retail food sector would show these inflationary food prices soon. With the U-6 unemployment rising in March, 2010 close to 17%, the local grocery retailer were having difficulty passing along these inflationary food prices to the consuming customers. Yet, when their loss in profits begin to affect stock prices as their shareholders watch their bottom line, these prices increases will soon be passed onto the price of food on the food market shelves.
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It is also reported that the use of “food stamps” has now increased for fourteen consecutive months with 39.4 million Americans now living on food stamps. This is also up 22.8%. Yet the financial pundits on the American media are proclaiming that the recession is almost over and that there is no worry about inflation. The sober reality is that today, as inflation still appears dormant to the American public, the American government is now paying out more money to Americans in benefits that it is collecting in taxes. As the cost of food inflation begins to obviously heat up, the Unites States will soon have to cut back on the provisions of food stamps and many other entitlement programs.
What will become more apparent is that the combination of rising food and gasoline prices account for 58% of February’s year-over-year 3.85% inflationary rise in retail sales. This, according also to the NIA, will cause food inflation to escalate in a wider spectrum of the American economy in food and energy as all increased prices in U.S. retail sales in 2010 will be directly due to inflation.
Credit to Eric DeCarbonnel – “US Food Inflation Spiraling out of Control” - April 23, 2010
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