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Food price inflation

It seems that almost every commodity on the planet is rising in price, and foodstuffs are no exception. This chart shows the price of an index based on hides, steers, lard, butter, soybean oil, cocoa, corn, wheat and sugar—pretty basic stuff. Since hitting bottom in Aug. 2000, food prices according to this index have risen almost 300%, or a little more than 10% per year. The dollar has lost about one-third of its value since the low in food prices, so food prices have risen by less than 10% a year for most other currencies, but regardless, food prices are hitting new highs these days in almost every currency in the world, with the exception of the Japanese yen and the Australian dollar.

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