Food Inflation

Michael Olson hosts

Dr. Jacob Manlove, Assistant Professor of Ag Economics, Arkansas State University

MSN recently served up some news that caught my attention.  The headline read, “Venezuela triples wages but still not enough to buy food.”

The writer went on to say that Venezuela’s new minimum wage of seven million bolivares per month is not enough buy two pounds of meat.

Shortly after reading this story I enjoyed a leisurely meal with my lady at a nearby sit-down restaurant. 

The meal was very good, but nothing special, just a couple of burgers and beers.  What did make the meal special was the check that, with tip, approached a hundred dollars!

Yes!  Almost a hundred bucks for a couple of burgers and beers!

It is becoming increasingly evident that more money is buying less food.  And that leads us to ask:

Can what happened to the price of food in Venezuela happen to the price of food in the US?