Tag: food prices soaring

SOUNDS LIKE A PLAN

Submitted by Hardscrabble Farmer

Looming Price-Hikes On Food Set To Hit Americans Even Harder This Fall

Authored by Kevin Stocklin via The Epoch Times,

In its effort to contain inflation, the Federal Reserve has launched what many expect to be an ongoing series of interest rate increases, which are already taking a toll on stock and housing markets, with job losses likely to follow. As weary as Americans have become from paying record high gas and grocery prices, however, another round of price hikes is making its way through the food supply chain and is expected to reach consumers this fall.

“People don’t realize what’s fixing to hit them,” said Texas farmer Lynn “Bugsy” Allen.

“They think it’s tough right now, you give it until October. Food prices are going to double.”

The 8.8 percent increase in food prices that Americans have already seen does not take into account the dramatic cost increases that farmers are now experiencing. This is because farmers pay their costs upfront and only recoup them at the point of sale, months later.

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Things Are Bad Now, But You Ain’t Seen Nothing Yet

Submitted by Hardscrabble Farmer

Authored by Michael Snyder via The Economic Collapse blog,

At this moment, food prices all over America are at incredibly low levels.  I know what many of you must be thinking.  You must be thinking that I have lost my mind, because food prices have been rising at a very rapid rate all over the country.  But when I say that food prices are at “incredibly low levels”, I am not comparing them to where they were in the past.  Rather, I am comparing current prices to where they will be in the future.  Yes, things are bad now, but food prices will be much higher a year or two from now.

The global fertilizer crisis certainly isn’t going anywhere.  If anything, it is only going to intensify.

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Why Food Prices Are Expected to Skyrocket

Via Mercola

Story at-a-glance

  • Food shortages and skyrocketing food prices now appear inevitable. The global food price index hit its highest recorded level in March 2022, rising 12.6% in a single month. On average, food prices were one-third higher than in March 2021. In the U.S., food prices rose 9% in 2021, and are predicted to rise another 4.5% to 5% in the next 12 months
  • Inflation was already ramping up well before Russia went into Ukraine, thanks to the uncontrolled printing of fiat currencies that occurred in response to the COVID pandemic. Governments’ COVID responses have also wreaked havoc with global supply chains, causing disruptions that continue to this day
  • Ukraine has ceased exports of wheat, oats, millet, buckwheat and cattle, and Russia has banned exports of fertilizer
  • Together, Russia and Belarus provide nearly 40% of the global exports of potash, a key fertilizer ingredient. Russia also exports 48% of the global ammonium nitrate, and combined with Ukraine, they export 28% of nitrogen, phosphorous and potassium fertilizers. Experts are now predicting fertilizer prices may double as a result of Russia’s ban on fertilizer exports
  • The long-term answer lies in regenerative biodynamic farming, which does not use any chemical inputs

In the featured video, “Breaking Points” cohosts Krystal Ball and Saagar Enjeti discuss one of the greatest threats currently facing the people of the world, namely food shortages and skyrocketing food prices.

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The Stagflation Trap Will Lead To Universal Basic Income And Food Rationing

Authored by Brandon Smith via Alt-Market.us,

This past week during a conference discussing Biden’s “Build Back Better” scheme House Speaker Nancy Pelosi was confronted with questions on skyrocketing inflation. After referring to higher gas prices as the “Putin Tax”, she went on to offer perhaps the dumbest (or most insidious) denial on the causes of inflation that I have ever heard. She stated:

“When we’re having this discussion, it’s important to dispel some of those who say, well it’s the government spending. No, it isn’t. The government spending is doing the exact reverse, reducing the national debt. It is not inflationary.”

Anyone with a basic understanding of economics and how central banks operate must have felt their brains explode when they heard this, I know I did. But before I get into the numerous reasons why this claim is completely false in every way, I want to give a warning – It’s very easy in this situation to assume that Pelosi and even Biden are making these arguments because they are too stupid to grasp the fundamentals of debt creation, money velocity and fiat. That said, never mistake evil for mere ignorance.

All higher level representatives of the White House are briefed by economic experts (spin doctors) well before they answer any questions on inflation, and the things they say have been carefully scripted. It’s possible Pelosi mixed her lies up a little bit, but the narrative the establishment is trying to promote is well planned. Asserting that money creation is a counterbalance to inflation instead of the cause is not brilliant, but it’s not designed to convince many people, only create confusion.

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‘Arab Spring’ Risks Flourish As Global Food Prices Jump To Record High

Via ZeroHedge

Global food prices soared to a new record high in February, led by a massive jump in vegetable oil and dairy prices as well as higher costs for grains, according to the UN Food and Agriculture Organization (FAO). The move higher in food prices comes as the Russian invasion of Ukraine sent commodity markets into disarray, which indicates prices could continue to surge and may trigger another ‘Arab Spring’.

The FAO Food Price Index (FFPI), a measure of the monthly change in international prices of a basket of food commodities, averaged 140.7 points in February, up 3.9% from January, +24.1% compared with the same month last year, and 3.1% higher than the record in February 2011.

The largest mover in the index was FAO Vegetable Oils Price Index, up 8.5% over the previous month to a new record high, driven by palm, soy, and sunflower oils. The second-largest was the FAO Dairy Price Index, up 6.4% over the prior month. The FAO Cereal Price Index was +3%.

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Global Food Prices Hit Fresh Decade High

Via ZeroHedge

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

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Biden Admin Says If You Exclude Beef, Pork, & Poultry, Inflation Is Actually Not That Bad

Via ZeroHedge

Update (0915ET): Bond King Jeffrey Gundlach summed up the idiocy of The White House’s spokesperson perfectly: “…if you take out the items that are up a lot, troubling grocery inflation would be lower.”

Brilliant!

*  *  *

Soaring supermarket prices are eating away at wage gains and have stressed out working-poor families who allocate a high percentage of their incomes to basic and essential items. The Biden administration finally acknowledged inflation as a real concern but didn’t blame the trillions of dollars in fiscal and monetary policies and labor shortages on increased food inflation but instead placed responsibility on meatpackers.

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