Close readers of this blog will recall that US Person warned that Goldbags & Sacks was establishing a food commodity futures market, the effect of such speculative trading would effectively increase food prices, just as it did to winter wheat prices in the United States. This chart shows the
increase in world food prices is approaching the crisis highs of 2008. But most of the inflation in food prices is taking place in Asia, as shown below:
China has already imposed food price controls.
