there are 350 million people in India who are classified as middle class. That's bigger than America. Their middle class is larger than our entire population. And when you start getting wealth, you start demanding better nutrition and better food. And so demand is high, and that causes the price to go up.
How about the facts for food price increase? From SAJAForum;
- Falling USD rates reduces profit margins for India's or Global food exporters (many of whom are US companies)
- Prosperity of others is good only because they can afford American goods
- Food distribution pattern is changing and US is on the other side of the equation which it subjected others to because of strong USD