Monday, Dec 17, 2007
Let's see them try to talk this one away...
FT.com: World food price rises set to hit consumers
''Global food prices were under further pressure on Monday as benchmark prices for cereals at much higher levels came into operation, making it almost inevitable that a second wave of food price inflation will hit the world’s leading economies.
In Chicago wheat and rice prices for delivery in March 2008 have jumped to an all-time record, soyabean prices are at a 34-year high and corn prices at an 11-year peak.
Knock-on price rises are set to hit consumers in coming months, raising inflationary pressure and constraining the ability of central banks to mitigate the slowdown in their economies.''
Posted by hpwatcher @ 05:02 PM (223 views) Add Comment
1 Comment
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1. Mathers said...
I don't think the BoE will have any interest in changing rates for this. They'll 'fix' the credit crisis with low interest rates, then worry about inflation in two years time. In the mean time the government can 'fix' the CPI basket to show everything is rosy. Nothing to see here.