Yesterday, we experienced the cold, hard truth about food costs.
Last year, on June 30, 2007, I purchased a 25-pound sack of flour at Costco. Just all-purpose flour. Nothing fancy. It cost $4.79, or $0.19 per pound.
Yesterday (June 3, 2008), I purchased the exact same product. It cost $8.49, or $0.34 per pound.
That’s a 79 percent price increase in just one year.
This is why we need to grow our own veggies — so we can continue to afford flour.
According to an article from CNN, wheat prices have soared in the past year because of:
- Ethanol. Corn is competing with wheat for field space.
- The weak dollar. Other nations are snapping up our food supply, and 59 percent of U.S. wheat is being exported.
One thing’s for sure: We are experiencing weird economics like I’ve never experienced in my adult life. It reminds me of my parents’ and grandparents’ frightening cycles of the 1970s and 1930s. Hopefully, it’s all a cycle, and this too shall pass. But meanwhile, be very kind to your local bakery owner, because they are feeling an intense pinch right now.