Yup, there’s the spike. I have a feeling that it won’t last as long as some people are saying, but that’s why we prepare, right? Having food storage allows us to “skip” over these price spikes and average out the food costs over a longer period of time.
[From And There’s Your Big Food Price Spike – Business Insider – ]
From today’s PPI report, this chart measures the sequential change in raw foodstuff (food commodities that go into processed foods). Thanks to the drought, that number reversed two straight months of declines, and surged over 5%.