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?
Wednesday, April 23, 2008
Posted by lpkitten at 2:34 PM