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So food will be more expensive?
by appreciatorBus 1y ago
So food will be more expensive?
- 44520297 1y agoMore expensive relative to what? In nominal terms, everything gets more expensive because of inflation eventually.
- 9x39 1y agoRelative to goods with elastic demand, food prices will rise faster because we have to eat. Food prices are also sensitive to its input prices, which also have inelastic demand.
- AngryData 1y agoLabor is a tiny fraction of the cost of food. Last time I did the math only 1% of the cost of flour goes towards a farmer's labor.