How Much Higher Can Food Prices Go?

[Inside Wall Street with Nomi Prins]( Welcome to Inside Wall Street with Nomi Prins! It’s the only daily newsletter featuring the insights of renowned author and former Wall Street insider, Nomi Prins. Every day, Nomi shines a light on a massive wealth transfer she calls The Great Distortion. That’s the true cause of the permanent disconnect she sees between the markets and the real economy. And she shares ways you can come out ahead, if you know where the money is flowing. You’ll find all Nomi’s Inside Wall Street issues [here](. If you have questions or comments, send Nomi a note anytime [here]( or at feedback@rogueeconomics.com. How Much Higher Can Food Prices Go? By Nomi Prins, Editor, Inside Wall Street with Nomi Prins Get ready for an “energy shock…” Experts predict it could happen as soon as this winter. But if you know where to look, you can protect your portfolio – and profit. That’s why on Wednesday, August 31 at 8 p.m. ET, I’m holding an urgent strategy session. I’m calling this event the [Running on Empty Summit](. There, I’ll do a deep dive into the coming shock… and what you can do to prepare your portfolio. Plus, I’ll share the details on a small, publicly traded firm that could hold the key to solving a major problem in the energy crisis. [You can reserve your spot for free here](. But first, some background. As you’ll see, this crisis could soon hit your wallet in subtle ways you may not see coming… Recommended Link [Market Wizard Who Accurately Predicted 2022 Market Collapse Has Shocking New Forecast]( [image]( He predicted the 2020 crash a month before it happened… He predicted this year’s collapse back in January… And now, he’s issuing a brand-new warning – along with a unique solution. [Details here.]( -- Cracking Down on Russian Fuel On June 3, the European Union (EU) adopted a partial embargo on Russian oil. The sanctions will ban seaborne imports of Russian crude oil as of December 5, 2022. And they’ll ban petroleum product imports starting on February 5, 2023. It’s all part of the EU’s harshest sanctions package against Russia to date. And that’s saying something… The EU gets roughly a quarter of its oil and 40% of its gas from Russia. So this embargo could have a big impact on fuel supply and prices in Europe. But it will also have a knock-on effect on fuel and energy prices globally. That’s because Russia accounts for 10% of the world’s oil. And it’s the world’s largest gas exporter. Now, here in the U.S., energy prices are already up 33% year over year. That’s according to the July Consumer Price Index (CPI) data released by the Bureau of Labor Statistics. If you look even closer at those figures, you’ll see gasoline is up 44% in the last year. And fuel oil is up nearly 76%. If the EU goes through with its Russian oil ban this winter, we can expect fuel and energy prices here to shoot even higher. The World Bank expects global energy prices to go up more than 50% in 2022. But that won’t just drive up the cost of filling your car or heating your home. Rising fuel and energy costs have much bigger consequences… In fact, the amount you spend putting food on the table is also closely linked to the cost of energy. And that means you may have to look for further cuts in your household budget if the EU bans go ahead. Here’s what I mean… [Featured: If you feel like you’re paying more and getting less, read THIS 👇]( The Link Between Energy and Food Prices When most folks think about fuel and energy price increases, they don’t think about the impact this will have on their grocery bill. But food and energy prices go hand in hand. Take a look at the chart below. It shows global food and oil prices over the last three decades… [Chart] As you can see, the two are closely linked. In fact, over the last decade, they have moved practically in tandem. And it makes sense. It takes energy – especially fossil fuels – to produce food. Oil is used to make pesticides and food packaging. And natural gas is used to make fertilizer. Both are used to generate electricity for the food production industry. You also need energy to transport food to the store. Trucks and trains run on diesel; planes run on jet fuel. There are millions of them crisscrossing the nation each day to get produce to the market. So when energy prices go up, food gets both more expensive and less abundant. Producers pass on their rising energy costs. Because of higher prices, consumers look for alternatives to cut down on their grocery bills. In response, producers reduce their output – leading to shortages, which drive prices up even further. That’s why when the price of energy rises, the price of food rises along with it. In fact, research shows that changes in oil prices can explain more than 60% of the variation in food prices. Recommended Link [Former Goldman Sachs Exec Reveals TRUTH of Our Nation In ONE Picture]( [image]( If you’re worried about soaring inflation, rent increases, credit card debt, and a falling stock market… Just wait until you see what’s [NEXT]( for America… It’s NOT about a stock market crash… higher interest rates… or more money printing. It’s much worse. [The financial elite in America have ignited a $40 trillion wealth-shift that will forever split this nation into two groups… ‘the new rich’ or ‘the new poor’.]( It all starts with: President Biden’s new executive order… Alongside MIT, 77 global Governments, The Gates Foundation, UNICEF, and The Clinton Development Initiative… Major corporations like: Citigroup, Ford, MasterCard, Visa, Coca-Cola… A new financial move creeping under the roots of America that explains why you’ve been left behind in a shattered economy… while the rich continue to get richer. This is why Nomi Prins left her million-dollar salary behind at Goldman Sachs to ‘go public’ with the TRUTH about why you’re being left behind… [She’s traveled to Delray Beach, Florida to explain the future of America.]( [Click Here To Watch.]( -- Food Prices Already at Record Highs Even before Russia’s invasion of Ukraine, prices were tearing higher as the world opened up after the 2020 lockdowns. Remember, energy prices are already up 33% over the past year here in the U.S. And the cost of food is up 11%. But energy and food prices here spiked when Russia started a war in Ukraine. U.S. energy prices increased 11% from February to March 2022. And the cost of food at home rose by 1.5%. In fact, according to the United Nations’ Food and Agricultural Organization (FAO), world food prices are at their highest level in decades. In this next chart, you can see they haven’t been this high since the mid-1970s… [Chart] Let’s take a quick look at that historical context… [Featured: Biden: “Liberal World Order” Coming?]( From Oil Shocks to Food Shortages The fact that the last spike of this magnitude in food prices occurred during the oil crisis in 1973-1975 isn’t a coincidence. That oil crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) proclaimed an embargo on oil exports. The embargo was targeted at nations that had supported Israel during the Yom Kippur War against the Arab states… most notably, the United States, Japan, and Western Europe. The resulting 1970s Oil Shock knocked the wind out of the global economy. The price of oil went up nearly 300% globally. It set U.S. inflation soaring to above 11%. And this led to food shortages. For example, there was a scarcity of bread in 1974, salt in 1975, and bread again in 1977. Today’s parallels with the 1970s oil shock are unmistakable. We have a war raging in a geopolitically important region. Oil is up 22% so far this year. Inflation in the U.S. is still out of control. And thanks to the EU-wide oil embargo, things could get worse this winter. We could see substantially higher energy prices over the coming months. And that will push up food prices, too. Recommended Link [Notorious “Crypto Hater” drops bombshell: “Don’t buy ANY Bitcoin before you see this exposé…”]( [image]( Millionaire Trader who managed $200 Million for the Silicon Valley Elite reveals, for the first time ever… "How I trade Bitcoin* - using my stock brokerage account - for the chance to make 3-times... 5-times... even 10-times more money than any of the crypto HODLERs out there!" *No crypto wallets or crypto exchanges are needed... No previous experience. This 3-second “Boomer” crypto move works whether Bitcoin goes up or down. [Click here - this LIVE demonstration reveals how he does it.]( -- Food Shortages on the Horizon Today’s energy crisis hasn’t resulted in food scarcity or empty shelves yet. But those could be on the horizon. Speaking at a news conference at the EU headquarters in Brussels earlier this year, President Biden touched on the potential for food shortages. He said that they are “going to be real… because both Russia and Ukraine have been the breadbasket of Europe in terms of wheat, for example.” But it’s not just Europe that will feel the pinch… Russia and Ukraine account for nearly one-third of the world’s wheat supply. And they produce 19% of the world’s corn. Also, Russia is the fourth-largest producer of fertilizer. And Ukraine is the largest producer of sunflower oil, a key ingredient in lots of foods, followed closely by Russia. Earlier this year, the World Bank said food prices will soar by more than 20% this year. Here in the U.S., the Department of Agriculture’s Economic Research Service says poultry prices are predicted to increase between 14.5% and 15.5% this year. Dairy products are predicted to go up by between 12% and 13%. Egg prices will go up between 19.5% and 20.5%. Fish and seafood will increase between 9.5% and 10.5%. The world was already experiencing raw material shortages and supply chain issues as an after-effect of the pandemic. The war in Ukraine is intensifying those. And considering we could see a deeper energy crisis this winter, food prices will likely keep rising throughout the rest of the year. Now, I know this all sounds grim… especially if your investment portfolio has also taken a beating. That’s why I encourage you to tune in to my urgent strategy session on Wednesday, August 31 at 8 p.m. ET. At my [Running on Empty Summit]( I’ll do a deep dive into the energy crisis… and what you can do to prepare your portfolio. Plus, you’ll get details on a small, publicly traded firm that could hold the key to solving a major problem in the energy crisis. I look forward to seeing you there. Happy investing, [signature] Nomi Prins Editor, Inside Wall Street With Nomi Prins P.S. This winter, as the full force of European sanctions against Russia kicks in, experts predict we will see energy prices soar globally. But what if you could eliminate fuel and gas costs altogether? One small firm has discovered a way to do that. And right now, you could invest in this company for as little as $1… On [Wednesday, August 31 at 8 p.m. ET]( I’m going to do a deep dive into the energy crisis… and what you can do to prepare your portfolio… I’ll also give you details on the company I mentioned above, and show you how you can invest before the rest of the world catches on to its huge potential… To reserve your spot for this free event, [just go here](. --------------------------------------------------------------- Like what you’re reading? Send your thoughts to [feedback@rogueeconomics.com](mailto:feedback@rogueeconomics.com?subject=Inside Wall Street Feedback). --------------------------------------------------------------- MAILBAG In [Monday’s]( Wall Street]( Jeff Brown wrote about the CHIPS Act that was recently signed into law… One reader shares that this Act will only add to the national debt and wishes Congress would have made a different move. I preferred to see Congress incentivize foundry construction and chip manufacturing by designing targeted tax relief rather than guaranteed loans and outright grants. The semiconductor industry would have responded with enthusiasm. The CHIPS Act instead has added another $50 billion to a national debt that one day will subsume our best political motives to the service of that debt. – Hewitt L. And another reader writes in to say she appreciates how Nomi explains global issues that impact the markets… Your cogent summaries of global issues that impact the markets are so helpful when making stock market purchases. Appreciate your expertise in making complex issues plainer. – Rita S. What ways have you found to save money when food and gas prices have been at record highs? Will you tune in to Nomi’s strategy session on August 31 to find out how you can prepare your portfolio for the upcoming energy crisis? Write us at [feedback@rogueeconomics.com](mailto:feedback@rogueeconomics.com?subject=RE: Your Wallet Could Take Another, Subtle Hit From Rising Energy Costs). IN CASE YOU MISSED IT… [Inflation Reduction Act set to benefit this industry]( Leading investigator reveals: A huge overhaul of 500,000 fueling stations is going into effect. [Watch for yourself – live at one of these new stations.]( [image]( Get Instant Access Click to read these free reports and automatically sign up for daily research. [The Trader’s Guide to Technical Analysis]( [An Insider’s Guide to Making a Fortune from Small Tech Stocks]( [The Ultimate Guide to Taking Back Your Privacy]( [Rogue Economincs]( Rogue Economics 55 NE 5th Avenue, Delray Beach, FL 33483 [www.rogueeconomics.com]( [Tweet]( [TWITTER]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. 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