When last month we highlighted the FAO's periodic report which noted that food prices had surged to a fresh all time high, Zero Hedge first predicted that food riots were imminent. Fast forward 6 rioting countries and 2 revolutions later, to today when we get an update from the UN's Food and Agriculture Organization, where we read that, not surprisingly "the FAO Food Price Index (FFPI) rose for the seventh consecutive month, averaging 231 points in January 2011, up 3.4 percent from December 2010 and the highest (in both real and nominal terms) since the index has been backtracked in 1990."
Saturday, February 05, 2011
This is what printing money at unprecedented rates will reap. I've been in the food business for 30 years and let me tell you, things are going to get worse, A LOT WORSE.
Posted by traderrob at 5:15 AM