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Wednesday, January 5, 2011

Food Prices Reach Record High

NIA
National Inflation Association
Preparing Americans for Hyperinflation

Food Prices Reach Record High

According to the Food and Agriculture Organization (FAO), their index of of 55 food commodities has surged to a new all time high of 214.7 points, surpassing its previous highest record from June of 2008 of 213.5 points.

In other words, food prices (nominally) are at a record high, despite the fact that the BLS claims that current year-over-year food price inflation is only 1.5%. According to the FAO, “It will be foolish to assume this is the peak.”

NIA is projecting that the U.S. will see double-digit food price inflation in the first half of 2011. In 2010, Americans were lucky with most of our food price inflation being exported to China. With riots breaking out in China over food prices, food riots in the U.S. could be next.

During the past week, sugar futures reached a new 30-year high, coffee futures reached a new 13-year high, orange juice futures reached a new 3-year high, corn futures reached a new 29-month high, soybean futures reached a new 27-month high, and palm oil futures reached a new 33-month high. NIA believes that Americans will fully feel recent agricultural commodity price increases at their local supermarket within the next six months. NIA predicts that food inflation will become America’s top crisis of 2011.

Click here to see NIA’s President on FOX Business discussing food inflation.

Click here to see NIA’s food price projection report.

For more information from the FAO on the World Food Situation, click here.

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