Commodity inflation

To quantify the gains in food prices seen, the CRB foodstuffs sub index last night rose to exactly match its record high reached in July ’08. The index dates back to 1981 and includes butter, cocoa, corn, hogs, lard, soybean oil, steers, sugar and wheat. Also, the Journal of Commerce index today is rising to a record high, exceeding the previous July ’08 high and this index dates back to 1985. The JOC index includes cotton, burlap, steel, copper, aluminum, zinc, lead, tin, nickel, hides, rubber, tallow, plywood, red oak, benzene, crude oil, ethylene and natural gas.

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