Energy Prices, Food Prices

A Double Whammy for Consumers

By Dennis Avery —— Bio and Archives--April 23, 2011

Global Warming-Energy-Environment | Comments | Back To Full Article

CHURCHVILLE, VA—U.S. Energy prices have risen to more than 6 percent of consumer spending—which may be a historic “tipping point.” Our food prices, meanwhile, have had their steepest increase in a generation, to about 6.5 percent of spending. That’s a double whammy consumers haven’t suffered since Jimmy Carter’s infamous “stagflation,” a painful mix of weak economic growth, high unemployment, and rising inflation in the late 1970s.

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