Says World Bank economist José Cuesta, author of the World Bank's quarterly Food Price Watch:
There is a growing consensus that international prices of food are high, at least in nominal terms. They also seem to be increasingly volatile if you consider how often we’ve witnessed price hikes over the past six years. Clearly, most of us are now acknowledging what some realized a long time ago: High food prices and food insecurity are not an anomaly. So, the important message is that no matter what happens with food prices from one month to the other, we cannot afford to let our guard down.With country after country printing paper money, this should come as no surprise.
The Federal Reserve is aggressively printing money at present.
The Bank of Japan appears ready to start a major money printing program.
And the continuing bailouts of European Union sovereign debt will put enormous pressure on the European Cenral Bank.