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NEWS ABOUT: food prices

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Sam's Club Joins Costco in Limiting Rice Purchases

Warehouse chains react to rising prices, apparent hoarding

(Newser) - Sam's Club joined Costco today in limiting how much rice customers can buy, Bloomberg reports. The restrictions by the nation's largest warehouse retail chains come with the price of rice at record highs around the world, which has spurred some to begin hoarding, Bloomberg notes. Sam's Club customers can buy... More »

US Farmers Want Feds' Help on Food Crisis

Skyrocketing prices bring speculators to grocery stores

(Newser) - US farmers asked for federal help yesterday in stemming a tide that has seen speculators hitting grocery stores and consumers hoarding basic foodstuffs, the Washington Times reports. "The public is all too aware of the recent credit crisis on Wall Street," a farmers-union rep said. "We don't... More »

Costco Sees High Demand for Basics Rice, Flour

CEO attributes run to customer uncertainty over food supplies

(Newser) - Costco is seeing unusually high demand for basics such as rice and flour, Reuters reports, a development the warehouse giant attributes to customer uncertainty over global food shortages. The company, which sells to individual shoppers as well as restaurants, has put limits in place for those items at some stores.... More »

UN Compares Food Crisis to 'Tsunami'

International help needed before situation deteriorates

(Newser) - Rising food prices are creating a crisis every bit as deadly as the tsunami of 2004, and the situation requires a similar response, the UN says. Political and business leaders from around the world gathered today in London and heard the head of the World Food Program, Josette Sheeran, call... More »

Food Crisis Is 'Mass Murder': UN Envoy

Official blames multinationals for surging food prices

(Newser) - A UN envoy called the world's food crisis "silent mass murder" today and blamed multinationals for "monopolizing the riches of the Earth," Reuters reports. Jean Ziegler, UN food rapporteur, chalked up surging food prices in poorer nations to biofuels, commodities markets, and EU subsidies—meaning the West... More »

Europe Backtracks on Biofuels

Environmental concerns put 10% quota on hold

(Newser) - The European commission is backing off a proposed 10% biofuels quota as scientists warn that the alternative fuels actually hurt the environment, the Guardian reports. “This is all very sensitive and fast-moving,” said a commission official. “There is now a lot of new evidence on biofuels, and... More »

UN May Cut Food Rations for Schoolkids

Soaring food prices raise 'world's misery index,' group says

(Newser) - Food rations for hundreds of thousands of schoolchildren may be cut because of surging crop prices that have widened the World Food Program’s funding gap to $750 million, Reuters says. The UN food aid agency also blamed the situation on high fuel prices and reductions in new crop plantings.... More »

Humble Spud Could Solve Food Crisis

International 'Year of the Potato' to highlight tuber's virtues

(Newser) - Sharp hikes in the prices of staples like wheat and rice are sending shockwaves around the world and convincing governments to rediscover the virtues of the potato, Reuters reports. Spuds are nutritious, will grow just about anywhere, and they yield up to four times more food per acre than other... More »

Food Crisis Lurks in Soaring Prices, Says IMF Chief

Predicts widespread starvation, conflict

(Newser) - Rising food prices may soon have dire global consequences with starving people rioting in the streets, warns the head of the International Monetary Fund. “Hundred of thousands of people will be starving,” he said yesterday at a meeting in Washington. “Children will be suffering from malnutrition, with... More »

Haitian Senate Sacks Prime Minister

Food riots spark ouster of president's close ally

(Newser) - Amid skyrocketing food prices and deadly riots in Haiti, the country's senate has voted to oust Prime Minister Jacques-Edouard Alexis. President Rene Preval, who appointed his ally Alexis in 2006 to lead the country's coalition government, must now choose a new cabinet. The vote came in spite of a recently... More »

Surging Energy Prices Drive Global Inflation

Food costs, up 83% in 3 years, also slap worldwide economies

(Newser) - Inflation in Europe and the US is projected to reach its highest point since 1995, the Wall Street Journal reports, with food prices up 83% in three years and rising energy and transportation costs. The International Monetary Fund predicts the US and Europe will see inflation of 2.6% this... More »

Record 28 Million Americans to Get Food Stamps

Slip into poverty a grim economic indicator

(Newser) - In an economic indicator that paints a grim future for swaths of the US population, an all-time record 28 million Americans are expected to be close enough to poverty to receive $36 billion in food stamps in the coming fiscal year, reports the New York Times. There is a surge... More »

Easter Bunny's Budget Strained as Egg Prices Skyrocket

But 29% jump is windfall for farmers

(Newser) - As far as the egg industry is concerned, Easter might as well have been Christmas. Prices skyrocketed 29% over the last year, and show no sign of slowing, as eggs are such a staple that demand hasn’t slowed a bit. “We’ve never seen profits like this,”... More »

Rising Cost of Essentials Slams Poor Families

Prices of "core" items are rising twice as fast as wages

(Newser) - The rising price of essentials and sluggish growth in wages mean that inflation is hitting low- to middle-income families hardest, the Washington Post reports. Americans are paying 9.2% more for staples—groceries, gas, health care, etc.— than they did in 2006, nearly twice the pace of the growth... More »

Consumer Prices Flat in Feb.

Lack of increase means Fed has an open door to a big rate cute next week

(Newser) - Consumer prices were flat for February, pleasantly surprising economists who expected a 0.2% increase, reports the Wall Street Journal. This morning’s consumer price index eases concerns that inflation is accelerating as the economy slows, and it gives the Federal Reserve more reason to float a large interest rate... More »

Beer and Pizza Getting Pricey

Rising fuel and ingredient costs affect traditional cheap eats

(Newser) - Even cheap foods like pizza and bagels are getting pricey these days over a mix of inflationary pressures, MSNBC reports. Last year's shocking 4% food price hike was driven by more than gas prices, one analyst says: It's diesel that fuels the trucks and trains that transport goods. "It's... More »

Retailers Slash Prices to Boost Slumping Season

Plagued by high gas and food prices, shoppers hold out for bargains

(Newser) - Retailers slashed prices nationwide this weekend in a bid to draw last-minute shoppers and lift a slumping holiday season, Bloomberg reports. Pressed by high gas and food prices, consumers are holding out for zero-hour deals; retailers have obliged with half-off sales and extra hours, counting on the last days before... More »

Global Food Prices Soar

Wheat and rice futures reach new highs; costs sure to be passed on to consumers

(Newser) - Expect another surge in the cost of breakfast cereal: The benchmark price for wheat rose above $10 a bushel for the first time today, further fueling the inflation in global food costs that kicked in last summer. Benchmark prices for rice futures also hit a new high, and corn and... More »

Russia Freezes Food Prices as Election Looms

Across the globe, rising agriculture costs take a political toll

(Newser) - In an effort to halt spiraling food prices ahead of parliamentary elections, Russia will today sign an agreement with its biggest grocers that freezes the cost of basic foodstuffs at October 15 levels. But while the move sounds a bit Soviet, Russia joins a host of nations in reacting to... More »

More People Skipping Basics to Pay the Bills

Analysts shocked as food banks run short, stores adjust prices

(Newser) - More Americans are skipping breakfast and other basics just to pay the bills, the AP reports. With gas hitting highs this year and food prices up as much as 44%, even $35,000-plus wage earners are lining up for food, and food banks report acute shortages. One consultant says he... More »

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