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Inflation Watch:

Reader Bryan E. reports: Wholesale prices rise 1.6% due to biggest jump in food costs in over 36 years [1].

Reader Greg C. notes: “I live in the Tampa Bay area in Florida.  Today I went to a fast food restaurant to grab a quick lunch and noticed a sign saying they would only put tomatoes on your sandwich if requested.  Curious, I inquired about it and they said that a case of tomatoes went from $20 to $50 due to the freeze in Mexico.  That got me to thinking.  If even low levels of fallout hit the farms from Japan, how much more will produce prices increase?  Thankfully I live in an area with nearly year round growing and my garden is doing well including my tomato plants.”

Patrick S. sent this: The Fed Chairman says there’s no inflation [2]. Patrick’s comment: “He is lying through his teeth”

J.D.D. sent this: Global food prices pushed by three-factor engine [3]. This article was reposted at the National Inflation Association (NIA) web site, and the NIA editors added the following: “This article just came out about three factors driving food prices higher, yet they forget to mention all of the monetary inflation being created not just by the Federal Reserve, but by all central banks around the world. It is because of this monetary inflation that even once agriculture inventories build, Americans shouldn’t expect to see much of a decline in agricultural commodity prices. Also remember that if the BLS reports 4% food inflation, it means we really have food inflation of approximately 10%.”  

US Cost of Living Hits Record, Passing Pre-Crisis High [4]