World Food Prices Soar: Sugar and Meat at Record Costs
World Food Prices Soar: Sugar and Meat at Record Costs *Scotty Starnes *| January 5, 2011 at 9:55 PM | Tags: Egypt , Food and Agriculture Organization, food commodities , Haiti , inflation, riots , United Nations, world food prices| Categories: Uncategorized| URL: http://wp.me/pvnFC-40x
It’s alright folks. Ben Bernanke and the Obama administration continue to lie about inflation. Look at the prices going up around you to see the proof yourself.
Bloomberg.com reports:
World food prices rose to a record in December on higher sugar, grain and oilseed costs, the United Nationssaid, exceeding levels reached in 2008 that sparked deadly riots from Haiti to Egypt .
*An index of 55 food commodities tracked by the Food and Agriculture Organizationgained for a sixth month to 214.7 points, above the previous all-time high of 213.5 in June 2008, the Rome-based UN agency said in a monthly report. The gauges for sugar and meat prices advanced to records.*
*Sugar climbed for a third year in a row *in 2010, and *corn jumped the most in four years in Chicago*. Food prices may rise more unless the world grain crop increases “significantly” in 2011, the FAO said Nov. 17. At least 13 people died last year in Mozambiquein protests against plans to lift bread prices.
“There is still, unfortunately, the potential for grain prices to strengthen on the back of a lot of uncertainty,” Abdolreza Abbassian, senior economist at the FAO, said by phone from Rometoday. “If anything goes wrong with the South American crop, there is plenty of room for them to increase.”
*White, or refined, sugar traded at $752.70 a metric ton at 11:53 a.m. on NYSE Liffe in London , compared with $383.70 at the end of June 2008*. Corn, which added 52 percent last year on the Chicago Board of Trade, was at $6.01 a bushel, down from $7.57 in June 2008. Soybeans were at $13.6325 a bushel, against $15.74 at the close of June 2008.
If this had happened under Bush, the media would be all over it.
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