EDITOR'S NOTE: With various factors, both domestic and international, causing food prices to skyrocket in the US and creating a potential global food shortage everywhere else in the world, can we say, as many analysts have predicted, that we may be reaching peak inflation? Maybe a few Volker-style rate hikes will do the trick. But Volker didn’t face a global food shortage. He did what he did in the context that the Fed was able to intervene with internal factors driving the stagflationary environment in the late 1970s. The situation the Fed finds itself in today is not a repeat of your parents’ inflation. The Fed is deploying the tools it used to fight the “last war,” so to speak. The use of the same strategy may be largely mismatched. And to think that the Fed aims to push down inflation without crashing the equities markets. The Fed may be ab;e to print money (which contributed greatly to our inflationary woes, BTW), but it can’t print food. Prices of US farm products have gone up 31% year over year. That surge is quickly making it to our dinner tables. If you want to know which agriculture and livestock prices are being impacted and by how much, don’t miss the article below, as it offers a glimpse into the price increases to come, all guaranteed to take a little bit more from your household wealth.
The prices of U.S. farm products continued to rise in March, reflecting the inflationary pressures gripping the U.S. economy and fears that the war in Ukraine and sanctions and Russia could lead to food shortages around the globe.
The Department of Agriculture said Friday that its index of prices received by U.S. farmers increased 6.3 percent from February and 31 percent from March 2021. The index tracks prices paid by initial buyers from U.S. farms, the first step of the food production chain in the U.S.
The index that tracks the costs farmers pay for commodities, services, taxes, interest and wages rose 1.4 percent from February and 13 percent from March 2021.
Crop prices were up 5.6 percent from last month and 23 percent from the previous year. Livestock prices increased 6.7 percent from February and were up 39 percent compared with a year ago.
Grain and oilseed: Up 5.5 percent from February and 28 percent from March 2021.
Feed grain: Up 7.4 percent from last month and 33 percent from a year ago. The corn price, at $6.56 per bushel, is up
46 cents from last month and $1.67 from March 2021.
Food grain: Up 6.1 percent from the previous month and 44 percent from a year ago. The March price for all wheat,
at $9.94 per bushel, is 77 cents higher than February and $4.08 higher than March 2021. The March price for rice, at $15.60 per cwt, is unchanged from February but $1.20 higher than March 2021.
Oilseed: Up 3.8 percent from February and 18 percent from March 2021. The soybean price, at $15.40 per bushel, is 60 cents higher than February and $2.20 higher than March a year earlier.
Vegetable and melon: Up 34 percent from the previous month and 68 percent from March 2021. Price increases during March for lettuce, onions, cauliflower, and celery more than offset price declines for broccoli, tomatoes, carrots, and sweet corn.
Other crop: Up 0.9 percent from the previous month and 23 percent from March 2021.
Meat: Up 2.9 percent from the previous month and 20 percent from a year earlier.
Dairy: Up 4.9 percent from the previous month and 50 percent from March a year ago.
Poultry and egg: Up 16 percent from February and 76 percent from March 2021.
Fruit and tree nut: Down 5.9 percent from February but up 3.6 percent from a year earlier. Price decreases during March for strawberries, grapefruit, and pears more than offset price increases for lemons, oranges, and apples.
Originally published on Breitbart.