Re:World food prices hit 10-year peak – FAO
by SamReidHughes on Monday October 11, 2021 @03:08AM
(#28825621)
It's the whole economy. Labor costs are up. This drives labor costs in food production/transport/retail up (or else workers will switch jobs). Hence food prices. And demand remaining high is what keeps labor costs up.
So, food prices can go up and down even if food-specific demand is inelastic (that is, even if people eat the same amount and quality of food regardless of price).
FWIW I've found my food demand not to be 100% inelastic -- I have changed where I get fast food as a result of some price increases, and I've found that in times when I'm not making a steady income, I find it easier to maintain or lose weight.
In any case, do you have any proof that more food is bought? I'm having a hard time believing this, unless people were lacking food previously.
If they didn't spend that money on food, how did those prices increase? Which parts of the stuff that goes into food increased? Links to actual data is severely missing from all the assertions made here. A moderate one-time stimulus check is responsible, really? Because all that other money that was created was not given to many people and I would like to see some data if you want to claim it ended up with them anyway by now. General wide-spread wage increases of according size, for example.