The latest report released by the National Inflation Association is predicting huge jumps in food prices due to the massive monetary inflation being created by the Federal Reserve's $600 billion quantitative easing (the printing of more money).
"For every economic problem the U.S. government tries to solve, it always creates two or three much larger catastrophes in the process," said Adams. "Just like we predicted this past December, the U.S. dollar index bounced in early 2010 and has been in free- fall ever since. Bernanke's QE2 will likely accelerate this free- fall into a complete U.S. dollar rout," warned Adams.
NIA projects that at the average U.S. grocery store it will soon cost $11.43 for one ear of corn, $23.05 for a 24 oz loaf of wheat bread, $62.21 for a 32 oz package of Domino Granulated Sugar, $24.31 for a 32 fl oz container of soy milk, $77.71 for a 11.30 oz container of Folgers Classic Roast Coffee, $45.71 for a 64 fl oz container of Minute Maid Orange Juice, and $15.50 for a Hershey's Milk Chocolate 1.55 oz candy bar. NIA also projects that by the end of this decade, a plain white men's cotton t-shirt at Wal-Mart will cost $55.57.
Read more: http://www.thirdage.com/news/national-inflation-association-projects-future-us-food-price-increases_11-9-2010#ixzz14vL8SmQ9
