Analysis: Drought to cause food price spike but not inflation

Posted by Washington Post: Juliet Eilperin on July 23rd, 2012
Reuters: Americans face higher food prices at the supermarket because of a drought this summer, but the increase will not have a lasting impact on inflation or the Federal Reserve's thinking on monetary policy. Corn and soybean prices on the futures market have surged to record highs amid the worst drought in half a century, with new crop contracts for corn rising 50 percent since early June and soybeans increasing about 35 percent. "It's kind of like a transitory oil price spike. We get good rains......

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