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red states rule
10-31-2011, 03:24 AM
Oh goddie! More hope and change is on the way.





The USDA has released their projections for food price inflation in 2011/2012 (http://www.ers.usda.gov/Briefing/CPIFoodAndExpenditures/), showing troubling forecasts that may send you to the grocery store today, before paying higher prices tomorrow. The report shows that the Consumer Price Index (CPI) for all food increased 0.8 percent between 2009 and 2010, and is forecasted to increase 3.5 to 4.5 percent in 2011. (http://www.ers.usda.gov/Briefing/CPIFoodAndExpenditures/Data/cpiforecasts.htm)

Bruce Krasting notes that the USDA’s projections are especially troubling (http://brucekrasting.blogspot.com/2011/10/food-for-thought.html#ixzz1cIa5gDbp) considering Federal Reserve Chairman Ben Bernanke has said he wants to contain inflation (although excluding food and energy) at less than 2%. Food inflation is running at double his target. Writing in Business Insider, Krasting says the problem is even more serious than the USDA indicates and that global demand is set to push prices even higher as time goes on:


http://www.theblaze.com/stories/usda-predicts-surging-food-prices-in-coming-year/