Global food prices are outrageously high, and things don’t look to be changing anytime soon. Early Thursday, Rome-based Food and Agriculture Organization (FAO) released monthly data on the state of food prices that showed global food prices rose for a second consecutive month in September to reach a new decade high, driven by gains for cereals and vegetable oils.
The FAO Food Price Index (FFPI), a measure of the monthly change in international prices of a basket of food commodities (including cereals, vegetable oils, dairy, meat, and sugar), rose 1.2% in September to 130 points and 32.8% higher than in September 2020. ed
The latest rise in the FFPI was primarily driven by “higher prices of most cereals and vegetable oils. Dairy and sugar prices were also firmer, while the meat price sub-index remained stable,” FAO said.
Compound soaring freight costs on land and sea, along with supply chain disruptions, have left some grocery chains with no other choice but to raise prices and or to leave shelves bare as food shortages persist. An executive of Kroger, one of the largest US supermarket chains, warned last month that grocery prices are set to move even higher as inflation sets in.
Inflationary pressures prompted the White House to calm discontent among working-poor families who allocate a high percentage of their incomes to basic and essential items. The Biden administration acknowledged inflation as a real concern last month (only nine months late). The administration has raised food stamps by 25%.
Besides rising demand (some of which has been artificially produced by massive amounts of fiscal and monetary stimulus), bad weather, and supply chain disruptions, there could be another emerging issue that may pressure food prices even higher, that is, the soaring cost of energy is sending fertilizer, a byproduct of natural gas (natgas prices in some areas around the world are at record highs), higher which would mean crop prices will have to rise. There are also issues of greenhouses growing vegetables going dark in Europe because energy and power prices are too high.
The Federal Reserve’s credibility, or whatever was left of it, continues to wane as the “transitory” inflation narrative falters.
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My friends and I were backpacking through Poland back in 1994 when the zloty was 24,000+ to the dollar. Every time we bought something we would get our change in a stack of 500 zloty notes, which the shops and restaurants wouldn’t accept when making purchases. So we had big piles of 500 zloty notes, but couldn’t find a roll of toilet paper anywhere. When the two rolls of toilet paper we stole from a train station in the Czech Republic ran out, we had no choice but use money. So for a whole week the 4 of us wiped our arses with Polish money. When we finally got to Oktoberfest in Munich, we had an Ugly American contest lighting Cuban cigars with the wads of Polish money we had left. Good times when it’s not your home country’s money, but I’m not expecting it to be fun when we’re wiping our arses with worthless US dollars.
P.S. – the vaccine is the bioweapon.
if your ‘p.s.’ is accurate … there won’t be many butts left to wipe.
ICE-9
We did similar in Yugoslavia in 89. We each exchanged about $200 US thinking that’s what we’d blow over the week we were there. They gave each of us bundled bills in 2 stacks, over a foot tall.
While we thought it was funny, we didn’t see any smiling faces that week.
PS – the vaccine is a bioweapon
Been prepping since Y2K. Sittin’ pretty.
Yup..room full of food, ability to hunt and garden and then can/preserve the harvest. Let it collapse.
Part of getting everybody warmed up to the idea of eating bugs. BTW, bugs – not kosher.
Inflation a problem? Just call Marshal Luckie.