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Wednesday 22 February 2012

Rising Food Prices Propelling Inflation Worldwide

Popular financial newsletter Profit Confidential reports that global food prices jumped 1.9% in January around the globe, the biggest monthly gain in 11 months. According to Michael Lombardi, lead contributor to Profit Confidential, things are going to get worse.

“At a time when economic growth worldwide is slowing, citizens around the world are hampered in their spending because their personal budgets are being ‘eaten’ away by higher food prices,” says Lombardi.

While in the U.S., food costs account for less disposable income than in developing countries, Lombardi points out that low-income earners here in the U.S. don’t have that luxury: “Their food costs, as a percentage of income, are comparable to developing countries.”...more

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