China's demand for food has so far pushed corn and wheat prices up 50% over the last 6-months.
The U.S. Department of Agriculture estimates beef prices will go up 6% in 2012. Beef prices were up 9% in 2011.
The U.S. is the world third largest consumer of beef per capita at 85.5 pounds per year. Uruguay is first at 137 pounds per capita.
Over 100 million are on some kind of government food program, or depend on local food banks and shelters to eat. See why Obama has reestablished horses for slaughter and human consumption?
China will be driving up prices trying to top the rising prices in the USA as demand remains steady. The squeeze in the supermarkets will be felt next year as incomes continue to decline, and those long-term jobless ranks swell.
Related:
Corn Supply Lags Pushing Food Prices Higher
Walmart Raising Food Prices Faster Than Competitors
