Posts Tagged ‘prices’

AFP: World food prices rise 1% in June as sugar soars

AFP: World food prices rise 1% in June as sugar soars.

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Supermarket landscape could be poised for shakeup if strike hits

Supermarket landscape could be poised for shakeup if strike hits.

Why Grocery Shopping May Never Be the Same – DailyFinance

Why Grocery Shopping May Never Be the Same – DailyFinance.

Record Chinese Drought Leads To “Crazy” Food Prices

The PBoC may be guilty of many things, but manipulating the weather is not one of them. Yet it is precisely this that is causing the latest surge in various food prices in the mainland, and which will likely force the Chinese central bank to accelerate its tightening regime even more than before. For once the weather can be blamed, only this time, due to an already redhot inflationary indicator, it will have a far broader impact on both domestic and global monetary policy. China Daily reports: “The impacts of China’s worst drought in 50 years have been served up on the nation’s dining tables as the price of rice and vegetables from drought-hit provinces have skyrocketed. The average price of staple foods in 50 cities has increased significantly, and the price of some leaf vegetables has jumped 16 percent in one month, according to data from the National Bureau of Statistics….I didn’t buy many leaf vegetables in the last week because the price is getting crazy,” said Zhang Weirong, a 67-year-old Shanghai resident.” We wish the PBoC the best of luck as it now has to use its futile monetary instruments to neutralize the lack of rain. With the Dragon Boat Festival hoiday between June 4 and 6, we now expect another interest rate hike to be announced in less than a week, in keeping with the central bank’s practice of intervening monetarily during major domestic and international holidays.

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More from China Daily:

Decreased production because of the drought has been cited as the major reason for price increases, and the prices of rice and vegetables may not drop soon, according to a report by the Ministry of Agriculture.

Statistics from the Office of State Flood Control and Drought Relief Headquarters show that an area of nearly 7 million hectares of arable land has been affected by the drought, with Hubei, Hunan, Jiangxi, Anhui and Jiangsu provinces most seriously affected.

“Cabbage used to be as cheap as paper, and for 5 yuan (77 cents) you would get too many cabbages to carry home,” she said.

She has had to switch to melons and pumpkins, which are getting cheaper this year.

She also changed from eating porridge for breakfast to noodles.

“My grandson said he doesn’t like the dishes I cook these days, but what else can I do?” she said.

Shoppers at a supermarket in Shanghai’s Huangpu district complained that the price of rice produced in Hubei increased 20 percent in one month to 2.6 yuan a kg. Lotus root produced in Hunan also climbed 20 percent during the same period to 4.2 yuan a kg.

In Wuhan, capital of drought-hit Hubei, the average price of 20 monitored vegetables climbed 7.3 percent in one month. The price of cabbage almost doubled in May to 2.22 yuan a kg, according to the Ministry of Agriculture.

The price of freshwater fish, crab and shrimp also witnessed a surge in the past week. Freshwater fish production in several provinces has reached bottom as lakes and rivers are drying up.

And the scariest thing for the PBoC’s Zhou Xiaochuan:

If food prices continue to soar during the summer, the increase may exceed 20 percent, which will push up inflation in the short term, Liu Ligang, an economist for the Greater China area with the ANZ Bank, said in his column for Financial Times.

It’s not all bad news: aphid lovers can rejoice:

On another note, Gao Wenqi, a researcher with the Shanghai Agricultural Technology Extension and Service Center, said the drought has provided better conditions for aphids to reproduce. Aphids can produce a new generation in days with no rain, said Gao.

Hopefully this will appease the population when they are starving and looking for scapegoats to blame for the complete supply collapse in already tight foodstocks.

Smucker hikes Folgers coffee 11 percent in fourth rise | Reuters

Smucker hikes Folgers coffee 11 percent in fourth rise | Reuters.

Hunger crisis worsens, food system broken: Oxfam | Reuters

Hunger crisis worsens, food system broken: Oxfam | Reuters.

eFoods Global Rolls Out Acts of Kindness Currency to Purchase Food Reserves

eFoods Global Rolls Out Acts of Kindness Currency to Purchase Food

Acts of Kindness (AoK) Currency will change the way people think about food purchases and
potentially purchase all food storage products for free; the concept encourages people to no
longer think about how much money they have but rather how much kindness they can share.

Midvale, UT (PRWEB) May 08, 2011 — eFoods Global unveiled a new form of currency that will help people
across the country purchase food reserves for their families. Acts of Kindness (AoK) Currency now lets people
determine how much they want to spend on food storage without having to consider what’s in their bank
accounts.
“This isn’t just another money-making opportunity; our mission is to make sharing an act of kindness,” said
Jake Jensen, Executive Vice President of Sales and Operations. “We believe that paying it forward should
always pay you back, and our message is truly an act of kindness as we offer to help families take control of
food, our greatest dependency. Now the company is paying everyone back by sharing this message of good
will.”
Based on eFoods Global’s philosophy of serve, save, and share, AoK Currency is generated simply by sharing
the company’s message of preparedness. Each time someone visits a Preferred Customer’s referral link or an
Independent Business Owner’s website, takes the Food Freedom Tour, and redeems their free customized food
pack, eFoods Global will put $3–4 in the referrer’s account to be used towards the referrer’s next product
purchase. The more AoK Currency someone accumulates, the fewer dollars they’ll actually have to pay towards
their purchase.
“The AoK Currency concept is going to change the way that people think about money,” said Mike Casperson,
eFoods Global’s Vice President of Sales. “People will no longer ask, ‘how much does it cost?’ They’ll already
know the answer—the more they share our message of preparation with others, the more AoK Currency they
can acquire. It is no longer a matter of how much money you have but rather how much kindness you will
share. And they’ll figure out that they can take control of their lives without relying on money backed by the
U.S. government. Food and eFoods Global’s AoK Currency is the new currency people can rely on.”
The company’s goal is to have 10,000 people pay 100% of their monthly food reserves with AoK Currency. To
learn more about eFoods Global and the AoK Currency program, visit the company’s corporate website at
http://www.efoodsglobal.com or go to: http://www.sixfreemeals.com

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