MCViewPoint

Opinion from a Libertarian ViewPoint

EconomicPolicyJournal.com: BLOOMBERG NEWS WARNS: Food Price Inflation is About to Get Worse

Posted by M. C. on February 17, 2021

https://www.economicpolicyjournal.com/2021/02/bloomberg-news-warns-food-price.html

Federal Reserve chairman Jay “I don’t see any inflation threat” Powell mad money printing will result in his going down in history as the most irresponsible head of the Federal Reserve ever. Yes, Federal Reserve historians will view him as an even worse monetary policy man than G. William Miller.

There are signs that the food inflation that’s gripped the world over the past year, raising prices of everything from shredded cheese to peanut butter, is about to get worse, reports Bloomberg.

Now farmers — especially ones raising cattle, hogs and poultry — are getting squeezed by the highest corn and soybean prices in seven years. It’s lifted the costs of feeding their herds by 30% or more, according to Bloomberg. To stay profitable, producers including Tyson Foods Inc. are increasing prices, which will ripple through supply chains and show up in the coming months as higher price tags for beef, pork and chicken around the world.

The last time grains were this expensive was after the U.S. drought of 2012, and meat prices saw a dramatic run-up. Now, meat is again poised to become a driver of global food inflation, and part of the intensifying debate over the path of overall inflation and exactly what central banks and policymakers should do to aid economies still working to recover from the pandemic.

I expect grain prices will exceed the 2012 levels.And this:

RW

Be seeing you

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