Many of my past posts have shared articles on the likelihood of rising prices. I am alarmed at the rapid increase in similar articles and many in our mainstream media sources like our local Seattle Times.
It is perplexing that not only is the economy struggling, but our world has been rocked with major natural disasters that are impacting many commodities that are key to our consumption: sugar, corn, cotton, soy beans, to name just a few. These disasters add to the rising prices and world-wide food shortages. While I believe we will be able to find our food in ample supply, the costs will go up. Where it will hurt most are those who live in third world countries where citizens already spend a huge portion of their meager incomes on food. Rising prices affect them a lot more than they will here in America.
Seattle Times reporter, Amy Martinez writes in an article titled “Rising Prices Coming Back in Fashion”: The cost of a new wardrobe is expected to rise as much as 10 to 20 percent in the coming months as manufacturers and retailers pass along escalating prices of cotton, rubber and other commodities to customers.” She goes on to say, “Higher prices are expected to be most noticeable in inexpensive clothes and shoes. That's because labor and raw materials account for a big chunk of the price tag — unlike expensive name-brand merchandise in which production costs are a smaller fraction of the final value.”
Another article in Seattle Times reports on rising commodity prices.
And yet another titled “Rising Wholesale Prices spur Inflation Concerns.”
Check out some of my earlier posts to see other articles: