In spite of President Joe Biden's claim that inflation is declining, vegetable prices in the U.S. increased by a whopping 38 percent in November.
The Bureau of Labor Statistics (BLS) stated the producer price index (PPI) for vegetable prices jumped 38.1 percent from October to November, up a total of 80.6 percent over the past 12 months. The PPI refers to the average change in the selling prices received by domestic producers for their output over time.
This is in direct contrast with President Joe Biden's claim that the core consumer price index (CPI) – the change in consumer prices based on a representative basket of goods and services over time rose only 0.2 percent the same month, the smallest monthly increase in over a year. The CPI also serves as the primary indicator of inflation economists use. (Related: Inflation continues to hurt Americans despite Biden’s claim of strong economic recovery.)
Prices of other commodities also rise
Renowned author and Economic Collapse blog contributor Michael Snyder cited various commodities that come with hefty price tags lately.
The price of eggs shot up 26 percent in November, amounting to a total of 244 percent price increase over the past 12 months, he said.
"The bird flu is the primary reason why eggs have become so expensive. More than 50 million chickens and turkeys in the United States are already dead, and it is likely that millions more will die in the months ahead."
He also touched on how drought crippled the harvest of vegetables. As per the latest survey about the drought by the American Farm Bureau Federation of more than 650 farmers in 15 Western states, 74 percent saw a reduction in harvests and 42 percent switched crops.
"U.S. domestic supplies of key crops, including corn, soybeans and wheat are expected to remain snug into 2023, according to the U.S. Department of Agriculture. The agency is forecasting U.S. corn supplies to fall to a decade low before the 2023 harvest, while soybean stocks were seen on a seven-year low and wheat ending stocks are forecast at the lowest in 15 years," he further wrote.
Moreover, Snyder expressed concern about the outlook for wheat as the two largest wheat exporters in the world are projected to have very disappointing harvests in the months ahead.
A Yahoo article pointed out that this will reduce global wheat availability in the first half of 2023. "While flooding in Australia, the world's second-largest wheat exporter, in recent weeks has caused extensive damage to the crop which was ready for harvest, a severe drought is expected to shrink Argentina's wheat crop by almost 40 percent," the article stated.
"So what does all of this mean? The bottom line is that the global food crisis that erupted in 2022 is likely to intensify quite a bit more in 2023. Food prices have already risen to very painful levels, and those that are being hit the hardest are those that live in the poorest countries," Snyder remarked.
"Food prices are going to go a lot higher than they are now, and many of the famines that we are already witnessing all over the world will become quite serious. Things are only going to get crazier in 2023, and most people will find themselves completely unprepared as conditions deteriorate all around them."
Visit FoodInflation.news for more about the continued soaring prices of commodities.
Watch Gregory Mannarino talk about the ever-increasing prices and the ongoing shortages of food and water below.
This video is from the What is happening channel on Brighteon.com.
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