If you've gone to the grocery store in the past month you'll notice an interesting - and disturbing - trend. Rising food prices.
Preparedness experts have been warning about food inflation for years. And unfortunately it's coming faster than we'd like.
What's causing food inflation?
It's really a combination of things: crop failures around the world, rising demand from developing countries like China and India, high oil prices and massive money printing in the U.S. which means your dollar buys less.
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According to the World Bank, the global price of food has risen 36% over the past 12 months
"An inflationary tide is beginning to ripple through America's supermarkets and restaurants, threatening to end the tamest year of food pricing in nearly two decades.
Prices of staples including milk, beef, coffee, cocoa and sugar have risen sharply in recent months. And food makers and retailers including McDonald's Corp., Kellogg Co. and Kroger Co. have begun to signal that they'll try to make consumers shoulder more of the higher costs for ingredients."
- Food Sellers Grit Teeth, Raise Prices - Wall Street Journal, Nov 4, 2010
I just came back from my local supermarket. Kraft Dinner: $1.49. A year ago: $0.99. That's almost a 50% increase.
Of course it could be argued that discouraging people from eating Kraft Dinner in the first place by raising the prices is a good thing...but that's a whole other subject.
"The Agriculture Department raised its forecasts for retail prices of beef, pork and fresh vegetables in its monthly analysis of the federal government's consumer price index for food released Monday, but left its overall food-inflation forecast for 2011 unchanged at 3 percent to 4 percent" - Full Story Here