U.S. Wholesale Food Prices Jump By 2.4% (Most in Last 26 Years)

I heard quite a few futurologists say back in 2008 that the food supply was going to face critical shortages and price increases in the near future. While I have not seen any food shortages on a local level, the national media is reporting that in March, 2010, food prices have surged by the most in 26 years.

Wholesale prices rose more than expected last month as food prices surged by the most in 26 years...

Food prices jumped by 2.4 percent in March, the most since January 1984. Vegetable prices soared by more than 49 percent, the most in 15 years. A cold snap wiped out much of Florida's tomato and other vegetable crops at the beginning of this year.

Also, note that vegetable prices have increased by nearly 50%.

Source: Yahoo Finance