Saturday, November 6, 2010

NIA Projects Future U.S. Food Prices

NIA projects that at the average U.S. grocery store it will soon cost $11.43 for one ear of corn, $23.05 for a 24 oz loaf of wheat bread, $62.21 for a 32 oz package of Domino Granulated Sugar, $24.31 for a 32 fl oz container of soy milk, $77.71 for a 11.30 oz container of Folgers Classic Roast Coffee, $45.71 for a 64 fl oz container of Minute Maid Orange Juice, and $15.50 for a Hershey's Milk Chocolate 1.55 oz candy bar. NIA also projects that by the end of this decade, a plain white men's cotton t-shirt at Wal-Mart will cost $55.57.

he 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
Inflation does not create jobs. Inflation merely causes
prices of goods and services to rise and makes it more expensive
for American families to support themselves. While
years ago it was possible for a father to support an entire
family of four or five on one income; today, both parents
need to work and they also need to get deeply into debt just
to make ends meet. With all of our society’s technological
advances of recent years, Americans’ cost of living should
be declining, but it has instead been spiraling out of control
due to the Federal Reserve’s destructive monetary policies.

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