Lou Basenese submits:After the recent report from the U.S. Department of Agriculture predicted tight corn supplies, prices spiked almost 5%, in a blink.
Why should you care? Because rising corn prices all but guarantee you’ll be paying more to put food on your table. (Aside from being a summer BBQ favorite, corn is a critical input for livestock producers and food makers.)
And as an analyst from Farm Futures Magazine said Thursday, “We could see double-digit corn prices if a legitimate weather scare makes headlines on Wall Street this summer.”
But don’t mistake this as a warning of food inflation to come. Truth is, it’s already here.
And for consumers, food producers are merely masking the uptick in prices with a concept that Seinfeld’s George Costanza knows all too well: Shrinkage!
You see, food companies don’t need to raise their prices to charge more for a product. All they need to do
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