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Wheat prices are soaring along with all other foods
The cost of food has been rising at a very fast pace over the past year. Why are food prices rising so fast when Federal Reserve Chairman Ben Bernanke says inflation is still very low and the economy is improving?
When I go to the grocery store, there are very few things that I will buy unless they are on sale. In fact, I have noticed that many of the new “sale prices” are the old regular prices. Other items have had their packages reduced in size in order to hide the price increases. What is going to happen if food prices keep rising this rapidly?
The food prices are especially painful if you are trying to eat healthy. Most of the low price stuff in the grocery stores is garbage. But if you try to stick to food that is “healthy” or “organic” you can blow through hundreds of dollars in a heartbeat. Soon there will be millions more American families that will not even be able to afford an unhealthy diet.
Recent statistics compiled by the Bureau of Labor Statistics show many of the most popular foods in America have absolutely soared in price.
Coffee is up 40 percent. Celery is 28 percent higher. Butter prices have risen 26.4 percent. Bacon is up 23.5 percent. Cabbage is up 23.3 percent.
Just in April—the most recent month for which data is available—grapes went up nearly 30 percent, cabbage jumped about 17 percent and orange juice surged more than 5 percent. Meat is becoming more expensive as well. Since March 2009, livestock prices have risen by 138%.
So when Ben Bernanke tells us inflation is very low, that really is a lie. On the stuff that people spend money on every day (like food and gas), prices have gone up dramatically.
Sadly, this is not just a phenomenon that is happening in the United States. Over the past year, the global price of food has risen by 37 percent and this has pushed approximately 44 million more people around the world into poverty.
Food is rapidly becoming one of the most important global economic issues of this decade.
My suggestion is to buy food for your family now, while you can still afford it.