Food Price Inflation

From here – read it and weep.

The National Inflation Association today announced projections for future U.S. food prices based after this week’s announced $600 billion in quantitative easing by the Federal Reserve.

The Federal Reserve announced this week that it will be expanding its balance sheet by $75 billion per month until the end of June 2011, for total quantitative easing of $600 billion. Quantitative easing is nothing more than inflation and when the Federal Reserve creates inflation, it steals from the purchasing power of the incomes and savings of all Americans.

From $1.25 per ear, the average price of a ear of corn in your grocery store will likely rise to around $11.43.

From $1.69, the average price for a 24 oz loaf of the cheapest store brand of wheat bread in your grocery store will likely rise to around $23.05.

From $2.19, the average price for a 32 oz package of Domino Granulated Sugar in your grocery store will likely rise to around $62.21.

From $2.99, the average price for a 64 fl oz container of Minute Maid 100% Pure Squeezed Orange Juice in your grocery store will likely rise to around $45.71.

From $0.69, the average price for a Hershey’s Milk Chocolate 1.55 oz candy bar in your grocery store will likely rise to around $15.50.

From $3.99, the average price for a 11.30 oz container of Folgers Ground Classic Roast Coffee in your grocery store will likely rise to around $77.71.

From $5, the average price for a plain white men’s cotton t-shirt at Wal-Mart will likely rise to around $55.57.