Wednesday, April 23, 2008

Is it time to stockpile food?

Sam's Club (Walmart's warehouse division) announced today that they will be limiting rice purchases to four bags per customer, amid supply and demand concerns. Costco is also limiting sales of flour and rice at some of their stores.

They claim that business owners, like restaurateurs, are stockpiling food out of fear of global food shortages generated by media reports. The U.N. is calling the food shortages, "a silent tsunami" that is devastating the world's hungry and driving up world food prices.

Is this simply a case of panic, or are we going to be facing even more dramatic increases in food prices? Heck, the price of rice is already 66% more than it was at the beginning of 2008 and global food prices have risen 57% in the past month. How much higher can it go?

Are you worried? Is it time to hoard food, just in case? Or will that just make the crisis worse?

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Andy said...

This is a concern and I think the reason ag stocks are doing so well of late. However, I don't this is reason to panic - 4 bags is a lot of rice!

Atkins/South Beach people will be happy atleast, isn't rice a big no-no in their diets.

Great to discover your blog as well. I'll add it to my reading list

My Crazy Debt said...

I missed this news. Thanks for sharing. I have to admit it makes me want to go out and buy some rice and beans just in case.

budgets are sexy said...

yeah how crazy, right? I literally JUST read that on msnbc an hour ago... you're a good little poster :)

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