February 10, 2011 Posted by mosesman | Economics, GeoPolitics, Social Trends | Bailout, Bankruptcy, Collapse, Currency, Devaluation, Eurozone, Famine, FederalReserve, Gold, GreatDepression, Hyper-inflation, Meltdown, Riots, Silver, Unemployment, Unrest, US | 1 Comment
- No inflation? I don’t think so! Food and energy price inflation is escalating!
Another blow for families: Fastest rise in prices of staple foods in five years
The prices of a range of basic foods surged at the start of the year, showing the biggest monthly rise in more than five years. Bread, pasta, and packets and tins of food increased in cost by 2.7 per cent between December and January to reach an annual rate of 6.3 per cent, according to the British Retail Consortium.
Overall, the annual rate of food inflation jumped from 4 per cent to 4.6 per cent, despite claims of supermarkets to be waging a new year price war. This was the largest monthly increase in two years.
The BRC claims its supermarket members are protecting shoppers against the worst effects of global commodity price rises. However, the trade body warned of ‘severe pressure’ that is likely to bring even bigger increases in the months ahead. Just last week, the UN Food & Agriculture Organisation said global food price rises were running at a record high.
Research by price comparison website MySupermarket.co.uk shows a 35 per cent annual rise in the price of own-label pasta and 25 per cent on a baguette. A pack of McVitie’s milk chocolate digestives was up 16 per cent, and a litre of vegetable oil by 14 per cent. The commodity price of corn is up 92 per cent in a year, while wheat is 80 per cent dearer and coffee 70 per cent more expensive.
Higher grain prices have a knock-on effect on the cost of meat and dairy products because large quantities are used as animal feed. The shop price report said: ‘The rise in food inflation is being driven by surging food commodities in global markets.
The surge in commodity prices is working its way through the supply chain to wholesalers and is now beginning to materialise in shop prices.’ The BRC said the overall rate of shop price inflation, combining food and non-food items, rose from 2.1 per cent in December to 2.5 per cent in January.
- The global food crisis is here. It will make 2008 look like a picnic!
Wheat Surges to Highest Since 2008 on China Drought, Middle Eastern Buying
Wheat climbed to the highest level since August 2008 as drought threatened to damage crops in China, curbing global supplies, and Middle Eastern and African nations boosted purchases to tackle food inflation. Corn and soybeans also advanced.
The March-delivery wheat contract climbed as much as 1 percent to $8.83 a bushel, the highest price for the most-active contract in Chicago since Aug. 25, 2008. The grain traded at $8.795 per bushel at 3:02 p.m. in Singapore.
Wheat has surged 82 percent in the past year as drought in Russia, floods in Canada and parched fields across Europe hurt crops. Countries in the Middle East and North Africa are accelerating grain purchases as rising food prices contributed to riots and protests. China, the largest wheat producer, is facing severe drought in the main, winter-wheat growing region.
“Wheat is at the center of issues for the market now,” said Han Sung Min, a broker at Korea Exchange Bank Futures Co. in Seoul. “China’s poor crop weather has fueled concern over tightening supplies after some countries in North Africa and the Middle East rushed to secure food.”
World food prices rose to a record in January, the United Nations’ Food & Agriculture Organization said on Feb. 3. China raised interest rates for the third time in four months, effective from today, to contain inflation.
The drought in China’s wheat-growing regions may worsen “rapidly” as the weather gets warmer, the Ministry of Agriculture said on Feb. 4. The drought affected 35 percent of wheat crops in eight provinces as of Feb. 4, it said.
Wheat jumped as much as 7 percent, the daily limit, to a record 3,051 yuan ($463) a metric ton on China’s Zhengzhou Commodity Exchange, which reopened for trade today after the Lunar New Year break. It last traded at 3,006 yuan a ton.
Chinese wheat output may have dropped to 114.5 million tons at the last harvest, compared with 115.1 million tons a year earlier, according to U.S. Department of Agriculture estimates. Macquarie expects output to drop a further 4 million tons this year. The USDA will update its outlook today.
U.S. wheat reserves on May 31 probably will total 808.3 million bushels, compared with 818 million forecast in January and 976 million a year earlier, a Bloomberg survey showed. World wheat inventories may decline to 177.2 million tons, a survey found, from 178 million estimated by the USDA in January and 197.4 million a year earlier.
The USDA may cut its forecast for world corn inventories before the northern hemisphere harvests to 125.4 million tons, from 127 million estimated in January and 147.1 million a year earlier, the survey showed. That would be the lowest level of reserves since 2007. March-delivery corn rose as much as 0.6 percent to $6.78 a bushel and was last at $6.7775. The price reached $6.825 on Feb. 7, the highest since July 15, 2008.
Soybeans for March delivery gained as much as 0.5 percent to $14.415 a bushel and last traded at $14.38. The price touched $14.525 on Feb. 3, the highest since July 2008.
- Ken O’Keefe wrote: Israel has intentionally dropped two large bombs on the AL-Qerem Medical Supplies Factory in Jabalya, Gaza. The building is totally destroyed, as was all of the medical supplies and equipement. Gaza is already in crisis mode for lack of medical supplies, this bombing will mean even the most basic of medical needs will continue to be impossible to satisfy.
- Zionist ’666′ Israel is not the Israel of the Bible!
1980 Jewish Almanac
“Strictly speaking it is incorrect to call an ancient Israelite a ‘Jew’ or to call a contemporary Jew an Israelite or a Hebrew.”
(1980 Jewish Almanac, p. 3)
The Jewish Encyclopedia:
“Khazars, a non-Semitic, Asiatic, Mongolian tribal nation who emigrated into Eastern Europe about the first century, who were converted as an entire nation to Judaism in the seventh century by the expanding Russian nation which absorbed the entire Khazar population, and who account for the presence in Eastern Europe of the great numbers of Yiddish-speaking Jews in Russia, Poland, Lithuania, Galatia, Besserabia and Rumania.”
The American Peoples Encyclopedia
… for 1954 at 15-292 records the following in reference to the Khazars: “In the year 740 A.D. the Khazars were officially converted to Judaism. A century later they were crushed by the incoming Slavic-speaking people and were scattered over central Europe where they were known as Jews.
“You shall neither mistreat a stranger nor oppress him, for you were strangers in the land of Egypt.”
“Also you shall not oppress a stranger, for you know the heart of a stranger, because you were strangers in the land of Egypt.”
‘And if a stranger dwells with you in your land, you shall not mistreat him.’
The stranger who dwells among you shall be to you as one born among you, and you shall love him as yourself; for you were strangers in the land of Egypt: I am the LORD your God.
‘When you reap the harvest of your land, you shall not wholly reap the corners of your field when you reap, nor shall you gather any gleaning from your harvest. You shall leave them for the poor and for the stranger: I am the LORD your God.’
You shall have the same law for the stranger and for one from your own country; for I am the LORD your God.
22 It shall be that you will divide it by lot as an inheritance for yourselves, and for the strangers who dwell among you and who bear children among you. They shall be to you as native-born among the children of Israel; they shall have an inheritance with you among the tribes of Israel. 23 And it shall be that in whatever tribe the stranger dwells, there you shall give him his inheritance,” says the Lord GOD.
February 10, 2011 Posted by mosesman | Economics, GeoPolitics, Social Trends | Bankruptcy, Collapse, Currency, Devaluation, Fascism, GreatDepression, Hyper-inflation, Meltdown, Unemployment, US | Comments Off
February 10, 2011 Posted by mosesman | Economics, GeoPolitics, Social Trends | Bankruptcy, Collapse, Currency, Devaluation, Eurozone, Fascism, Gold, GreatDepression, Hyper-inflation, Riots, Unemployment, Unrest, US, War | 1 Comment
Societal and economics observer and commentator with an endtimes, future history perspective. Follow me at Twitter: socioecohistory
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