Do you believe that you will always be able to buy inexpensive food at the supermarket?

If so, you might want to think again. During 2010, agricultural commodity prices have exploded. Nearly every single important agricultural commodity is experiencing double-digit percentage price increases. The S&P GSCI Agriculture Index recently surged to a fresh two-year high and now we find that food producers and retailers are starting to pass those commodity price increases on to consumers.

Food inflation is real; it is here and it’s going to hurt a lot of people. In fact, food inflation is hitting consumers hard all over the globe this fall. According to the United Nations, international wheat prices have soared 60 to 80 percent since July. Since the beginning of 2010, the price of bread has gone up 17 percent and the price of meat has gone up 15 percent in European Union countries. The inflation rate in Russia rose to 7 percent in September primarily because of rising food costs.

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