Local Stores Hike Food, Commodity Prices 2-16-2011 - WNEM TV 5

Local Stores Hike Food, Commodity Prices 2-16-2011

If you didn't think the recent crisis in Egypt or the extreme winter cold in Mexico could affect you, you're in for a surprise.
TV5’s getting a look at just how those problems, half a world away, are hitting you in the pocketbook.
Prices on everything from underwear to oil are climbing right here in Mid-Michigan, and in the case of gas, jumping in price by nearly 30 cents overnight.
The president of the World Bank said global food prices have hit "dangerous levels," and that could contribute to political instability and push millions of people into poverty.
A new report says global food prices have jumped 29 percent in the past year, and are just 3 percent below the all-time peak hit in 2008.
Locally, prices for household staples like meat, canned goods and produce are soaring.
"A case of peppers you could buy for $19 is now up to $52 for a case, so there's going to be some major changes and surprises," said David White.
White is the co-owner of Witherbees Market and Deli in downtown Flint. He knows all about a report released by the World Bank that claims global food prices have jumped 29 percent in the past year.
“We weren't totally surprised by it,” said White. “We're kind of frustrated and depressed because it’s going to hit the little guy much harder than the big corporate stores."
The blame is being put on weather conditions around the world and a higher global demand for wheat, corn and soybeans.
In the end, White says he wants consumers to hold on because it’s about to get rough, and in the meantime, don't kill the messenger.
"Don’t blame us because the prices are rising,” said White. “We don't have any control of that. It’s the suppliers and growers.”
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