In today’s chart of the day we present Ben Bernanke’s version of the George Bush definition of “Mission Accomplished”. His goal of reflation is working perfectly. Too bad it’s in all the wrong places….
As the Economist notes:
WORLD food prices are 2.2% lower now than they were at the beginning of 2008, according to The Economist’s food-price index, which has fallen by nearly a quarter since its peak in July last year. The price of wheat, which has the largest weight in the index, is now nearly a third below its January 2008 level. Rice prices, which had risen to over two-and-a-half times their level at the beginning of 2008 by the end of April last year, have now fallen to just over half that level. But rice is still nearly one-and-a-half times as expensive as it was at the beginning of 2008. A steady rise in the price of sugar over the past month means that it is now more expensive than it has been at any point since the beginning of last year.