One case where that is especially prevalent is with durum wheat, the key ingredient in most pasta making. The 2014 harvest looks to be weak in 2014, putting heavy pressure on a market that has shown consistent price movement higher. David Maloni, president of the American Restaurant Association, explained Wednesday in his daily note titled, “Pasta buyers beware”:
Thanks to the Federal Reserve, the middle class is slowly being suffocated by rising food prices. Every single dollar in your wallet is constantly becoming less valuable because of the inflation the Fed systematically creates. And if you try to build wealth by saving money and earning interest on it, you still lose because thanks to the Federal Reserve’s near zero interest rate policies banks pay next to nothing on savings accounts.
The average price for a pound of ground beef climbed to another record high–$4.096 per pound–in the United States in September, according to data released today by the Bureau of Labor Statistics (BLS). In August, according to BLS, the average price for a pound of all types of ground beef topped $4 for the first time–hitting $4.