Food Prices Hit Highest Level in a Decade Crushing Ordinary Americans

Gas is at a level not seen since the disastrous Obama years. But not to worry, the Democrat elite are getting richer and richer on the backs of the American worker.

https://twitter.com/NancyTracker/status/1447352731140825089?s=20

Food Prices Hit Highest Level in a Decade

Food prices across the world have risen to their highest levels in a decade on the back of tightening supply conditions coupled with robust demand, according to the Food and Agriculture Organization of the United Nations (FAO).

Story continues below advertisement

By:  The Epoch Times, October 11, 2021:

The FAO’s food price index, which measures world food commodity prices, has surged by 32.8 percent in the 12 months through September, coming in at a reading of 130 points, a level not seen since 2011. On a month-over-month basis, the index rose 1.2 percent.

Accounting for the bulk of the rise in the index were higher prices of most cereals and vegetable oils.

The FAO vegetable oil price index was up 60 percent in September from a year earlier, and 1.7 percent higher than in August. The cereal price measure was up 27.3 percent over the year last month, and 2 percent from August.

Dairy and sugar prices also rose in September by an over-the-year 15.2 percent and 53.5 percent, respectively, while the meat price index was up 26.3 percent above its year-earlier level.

While much of the inflation story has been focused on surging energy costs and products affected by the semiconductor chip shortage such as used cars, rising food cost signals are increasingly flashing red.

As the U.S. economy rebounds, packaged food companies are grappling with inflation, with Conagra Brands Inc. saying on Oct. 7 that it would increase prices again on its frozen meals and snacks.

Conagra said it was facing rising costs of ingredients including edible oils, proteins, and grains, forcing it to increase prices on frozen goods by 3.5 percent and on staple meals by 3.3 percent.

Food-makers General Mills, Campbell Soup, and J.M. Smucker also have raised wholesale prices in response to rising ingredient and freight costs.

Pork and beef prices have surged in the past few months, while the Labor Department’s August inflation report showed that meat, poultry, fish, and eggs were up 8 percent over the past year and 15.7 percent from prices in August 2019, before the pandemic. Beef prices jumped 12.2 percent over the past year, and bacon was up 17 percent during the same period.

Experts say increasing energy costs around the world could exacerbate the problem.

“It’s this combination of things that’s beginning to get very worrying,” Abdolreza Abbassian, senior economist at the UN’s Food and Agriculture Organization, told Bloomberg in a recent interview. “It’s not just the isolated food-price numbers, but all of them together. I don’t think anyone two or three months ago was expecting the energy prices to get this strong.”

Food price inflation is also driving up consumer expectations for future price increases.

The New York Fed’s August survey of consumer expectations showed that Americans anticipate food prices to rise by 7.9 percent in a year, higher than the overall inflation expectation of 5.2 percent.

Federal Reserve officials have repeatedly characterized the current bout of inflation as “transitory” though they have increasingly expressed concern about the risk of a de-anchoring of inflationary expectations. That’s where confidence in the “transitory” narrative falls and people start to believe and behave as if inflation will be far stickier than previously believed, impacting wage and price-setting behavior and potentially even sparking the kind of upward wage-price spiral that bedeviled the economy in the 1970s.

The Truth Must be Told

Your contribution supports independent journalism

Please take a moment to consider this. Now, more than ever, people are reading Geller Report for news they won't get anywhere else. But advertising revenues have all but disappeared. Google Adsense is the online advertising monopoly and they have banned us. Social media giants like Facebook and Twitter have blocked and shadow-banned our accounts. But we won't put up a paywall. Because never has the free world needed independent journalism more.

Everyone who reads our reporting knows the Geller Report covers the news the media won't. We cannot do our ground-breaking report without your support. We must continue to report on the global jihad and the left's war on freedom. Our readers’ contributions make that possible.

Geller Report's independent, investigative journalism takes a lot of time, money and hard work to produce. But we do it because we believe our work is critical in the fight for freedom and because it is your fight, too.

Please contribute here.

or

Make a monthly commitment to support The Geller Report – choose the option that suits you best.

Quick note: We cannot do this without your support. Fact. Our work is made possible by you and only you. We receive no grants, government handouts, or major funding. Tech giants are shutting us down. You know this. Twitter, LinkedIn, Google Adsense, Pinterest permanently banned us. Facebook, Google search et al have shadow-banned, suspended and deleted us from your news feeds. They are disappearing us. But we are here.

Subscribe to Geller Report newsletter here— it’s free and it’s essential NOW when informed decision making and opinion is essential to America's survival. Share our posts on your social channels and with your email contacts. Fight the great fight.

Follow Pamela Geller on Gettr. I am there. click here.

Follow Pamela Geller on
Trump's social media platform, Truth Social. It's open and free.

Remember, YOU make the work possible. If you can, please contribute to Geller Report.

Join The Conversation. Leave a Comment.

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spammy or unhelpful, click the - symbol under the comment to let us know. Thank you for partnering with us to maintain fruitful conversation.

If you would like to join the conversation, but don't have an account, you can sign up for one right here.

If you are having problems leaving a comment, it's likely because you are using an ad blocker, something that break ads, of course, but also breaks the comments section of our site. If you are using an ad blocker, and would like to share your thoughts, please disable your ad blocker. We look forward to seeing your comments below.

Sponsored
Geller Report
Thanks for sharing!