The Wall Street Journal and the Financial Times (FT) have recently reported frightening food-price inflation. Prices for staples like coffee, oats, milk, meat, vegetables and fruits have increased so far in 2014 by rates as high as 70%. The FT noted that a breakfast now costs at least 25% more than it did in 2013. As expected, media attributed the food-price inflation to droughts and to fast-growing demand in Southeast Asia. For fish, for which prices tripled in recent years, the drought factor does not apply, leaving us with high demand. This explanation fits best with what the US Federal...