Friday, May 7, 2010

U.S. Food Prices ‘Spiraling Out of Control’

Stock up now. The first stage is skyrocketing prices, the next stage is government price controls, which inevitably lead to the third stage - empty shelves.

    The National Inflation Association says there is reason for grave concern.

    The Trumpet -

    U.S. food prices jumped by 2.4% in March 2010 in the largest monthly leap in more than 26 years, and the sixth consecutive monthly increase.

    The National Inflation Association (NIA) issued an alert to its members April 22 warning that the sharp upswing in U.S. food inflation will soon lead to a situation as severe as that currently plaguing India.

    Here are some of the most startling year-over-year price increases in the U.S. markets:

    * Fresh and dry vegetables up 56.1%
    * Fresh fruits and melons up 28.8%
    * Eggs for fresh use up 33.6%
    * Beef and veal up 10.7%
    * Dairy products up 9.7%

    In the alert, the nia reminded its members that it has long predicted food sector inflation, but admitted having “never anticipated that it would spiral so far out of control this quickly.”

Read it all.