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Agflation
The word “agflation” comes from a combination of the words agriculture and inflation.
Agflation is a result of an increase in the price of food production that is a result of increased consumer demand. The consequent competition between retail supermarkets means the price of food increases. These increases are passed on to the consumer in the way of food price increases. Agflation also affects eggs, meat and dairy prices. Price increases for livestock as feed becomes more expensive.
New alternative energies also contribute to agflation. Producing biofuels such as biodiesel and ethanol means that manufacturers need soybeans and corn. Increased demand for these foods for biofuels causes their market prices to increase.
Price increases ultimately move to non-biofuel related grains (rice, wheat) as consumers choose less expensive food items.
The latest increase in wheat prices has come in response to Canada’s wheat crop being reduced by roughly a fifth in 2011 due to bad weather. This means that countries that rely on imported wheat, (Japan and Taiwan), need to buy out Canadian wheat in order to secure their domestic supplies.
Agflation is a modern word for conflict and price increases in the food and agricultural industry. As the world becomes more populated, resources become scarce and with global warming being a reality, agflation will continue to inflate world food prices.
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