A couple visit the Red Square among thick smog in Moscow, capital of Russia, Aug. 4, 2010. Moscow suffered serious air pollution due to the forest and peat fires. (Xinhua/Lu Jinbo)Russian Wheat Export Ban Threatens Higher Inflation And Food Riots -- The Independent
The world faces an inflationary time bomb as shortages of food threaten to push prices to fresh all-time highs.
A variety of freakish weather conditions across the world has sent the price of staples including wheat, pork, rice, orange juice, coffee, cocoa and tea to fresh highs in recent weeks. Yesterday's decision by the Russian government to ban the export of wheat to protect home consumers saw grain prices jump 8 per cent on the day, on what was already a two-year high. Meanwhile, the burgeoning demand for foodstuffs and raw material growth in the resurgent economies of China and India has also driven oil, copper and other industrial commodities higher.
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My Comment: I am skeptical on the food riots .... but prices are going to increase, and for some it is going to hurt.
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