Posted on 02/04/2022 7:58:29 PM PST by blam
In the last two years, the price of agricultural products has risen sharply. This is reminiscent of 2007 and 2011, and new highs in food prices could be reached later this year.
Food prices continued to accelerate in January. The FAO (Food and Agriculture Organization) Food Price Index (FFPI), a measure of the monthly change in international prices of a basket of food commodities, averaged 135.7 points last month, up 1.5 points (1.1%) higher than in December. FFPI nears the 2011’s all-time high and could hit soon hit a record high
Rome-based FAO said the meat index had the most significant monthly jump, up 17.3%. Next was a 4.2% increase in the vegetable oils index (marking an all-time high), the dairy index rose 2.4%, cereals were flat, and sugar was down 3.1%.
What’s noteworthy is that inflation isn’t hitting everyone equally. Lowest income folks “feel the pinch the most,” Josef Schmidhuber, deputy director for markets and trade at the FAO, told Bloomberg. “High energy costs and high food costs and high necessities — they account for a large part of their overall expenditures.”
Rising prices of goods and services have rocketed inflation to its highest level in 40 years. The Biden administration has vowed to tackle the inflation monster, but it appears prices for food, energy, and shelter continue to rise ahead of midterms. Inflation is widespread, and it’s hitting the poorest the hardest.
Once thought of as “transitory,” persistence inflation raises alarm bells as soaring prices dent household budgets due to a slump in nominal wage growth. Even though supply chain-produced inflation is temporary, it will have long-lasting impacts on households and could even influence the vote in the upcoming midterms.
The negative correlation of soaring food prices and slumping polling figures for President Biden does not imply causation. Still, one could argue that four-decade high inflation, squeezing most Americans’ pocketbooks, could indicate widespread discontent for one of the most unpopular presidents in a generation.
I remember when our kids were little a major insult was to call another kid a Stupid Little Jerk! O’Biden is a stupid little jerk...
Love your personal Freeper page. I have been thinking how everything is just like in 1984 and Atlas Shrugged. I would add The Octopus - The Danny Casolaro story... And We the Living...
Only a transitory spike my good man, just a blip, a pebble, the tiniest tremor, in the eight-lane highway to the future that we’re cruising down in air-conditioned comfort, with Joe Biden and Kamala Harris sharing the driving duties, working together as one to keep our mighty SceniCruiser flying smoothly along.
Let’s go Brandon!!!
Can’t be said too much. We are in for bit of a rough patch.
Yeah, well, Biden wants to die in his sleep just like his Grandpappy did. Quietly and peacefully. Unlike the horrified screams of his passengers.
Brilliant observation.
Like nobody else couldn’t have come to that conclusion that happens EVERY. SINGLE. TIME. inflation hits?
When has that not happened?
Well who cares about food and gas? We need to prioritize and get those scary ghost guns confiscated now!!!
An item that used to be 99 cents and on my shopping list for a long time is now $1.53. A year ago it was 99 cents. What’s that all about?
Transitory. No evidence of any long term inflation issues. “RARE”! Economy is the best it’s been in 40 years. Just ask babs straysand. Grrrrrrrrrrrr!
I’d never buy anything from Tyson anyway, as factory farms are terrible. But even locally raised grassfed beef and pasture-raised chicken and eggs have gone up substantially. Butchers in both stores I go to say that’s all they’ll eat too.
And agree with another poster, your home page is terrific.
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