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Food Price Increases Expected

isle.jpgIN Eretz Yisroel it began last week with a sharp increase in the price of rice, as well as supermarkets limiting supply to consumers, and now, there is talk of major increases in many food staples. Price increases are being attributed to shortages and price increases worldwide.

Osem, a major food manufacturer in Israel, announced on Monday morning it is not planning any increases in the short term future.

In the meantime, price increases in many items are imminent, including bread (4%), dairy products (4.4%), coffee (5%), techina (20%), meat (40%), and corn (10%).

Meanwhile the two biggest U.S. warehouse retail chains are limiting how much rice customers can buy because of what Sam’s Club, a division of Wal-Mart Stores Inc., called “recent supply and demand trends.’’

The broader chain of Wal-Mart stores has no plans to limit food purchases, however.

The move comes as U.S. rice futures hit a record high amid global food inflation, although one rice expert said the warehouse chains may be reacting less to any shortages than to stockpiling by restaurants and small stores.

Sam’s Club last week followed Seattle-based Costco Wholesale Corp., which put limits in at least some stores on bulk rice purchases.

On Sunday, NY1 reported that the The Food Bank of New York City has admitted that increased demands for their services are not being met, due to higher food prices and fewer contributions.

The Food Bank said there was seen a 24 percent rise in customers this year – something the Bank blames on the soaring cost of basic items like bread, eggs and milk.

Bank officials said so far this year they have received only about 40 percent of the food they need to feed the hungry – a loss of about 8.5 million pounds of food.
(Yechiel Spira – YWN Israel, Yehuda Drudgestein – NY)

One Response

    Has anyone noticed the prices were skyrocketing before and on Pesach? We have got a global problem, with price of auto fuel hitting the $4 mark. The Geshmeus lifestyle is hitting the sky and the basics are above the reach of the middle class—quite a turnaround from the winning real estate and money markets of ten yrs ago.

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