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Sept 28 Food Price Inflation (cont)

Sept 28 Food Price Inflation (cont) - Food Price Inflation...

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Agricultural Economics Food Price Inflation and Analysis Food Price Inflation and Analysis 9/28/2010 9/28/2010 Food Price Trends/Analysis Since 2008 Next Generation Biofuels Today’s Energy Policy Debate and it’s Implications on Agriculture: Chapters 1-3 of The Economics of Food Next-Generation Biofuels: Challenges and Implications for Agriculture,  June 2010,  www.ers.usda.gov/AmberWaves/June10/Features/NGBiofuels.htm Exam I Review Journal Entries Due Today
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0 1 2 3 4 5 6 7 8 19 90 1991 19 92 1993 19 94 19 95 19 96 1997 1998 19 99 20 00 2001 2002 20 03 20 04 2005 20 06 20 07 2008 Annual Percenage Change Source: Bureau of Labor Statistics Food Price  Inflation 1990-2008
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-1 0 1 2 3 4 5 6 7 8 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Annual Percenage Change Source: Bureau of Labor Statistics What Has Happened to Food Price  Inflation  Since 2008? What Caused This Dramatic Reversal?
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Selected Factors Impacting Food  Prices: 2007-2009 2007-2008 2008-2009 Biofuel Production  (Corn Use) World Crop Supplies Consumer Incomes Value of the U.S. Dollar Ag Commodity Prices Energy/Transp. Costs Speculation in Ag/Food  Markets
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USDA’s Food Price Outlook for 2010 In 2010, the Consumer Price Index (CPI) for all food is projected to  increase 0.5 to 1.5 percent—the lowest annual food inflation rate since  1992. Food-at-home (grocery store) prices are also forecast to increase  0.5 to 1.5 percent, while food-away-from-home (restaurant) prices are  forecast to increase 1 to 2 percent. Although global economies have  recovered somewhat from the 2008-09 recession, world economic  activity remains below pre-recession levels, resulting in overall food  price inflation in 2010 remaining below historical averages.  The all-food CPI increased 1.8 percent between 2008 and 2009. Food-
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