NEW YORK (Commodity Online): The rising global food prices is likely to heat up inflation to new heights as the people around the world are hampered in their spending as their personal budgets are being ‘eaten’ away by higher food prices, according to Michael Lombardi in a Special Report by Profit Confidential.
The global food prices jumped 1.9% in January around the globe.
According to Lombardi, if the Federal Reserve embarks on QE3 to spur economic growth then this will result in a fall in the value of the U.S. dollar against other world currencies, which will cause all commodities, including oil and food prices, to rise, because they are priced in U.S. dollars.
While in the U.S., food costs account for less disposable income than in developing countries, Lombardi points out that low-income earners here in the U.S. don’t have that luxury.
Profit Confidential, which has been published for over a decade now, has been widely recognized as predicting five major economic events over the past 10 years.
