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appreciatorBus
341 days ago
So food will be more expensive?
2 comments
44520297
341 days ago
More expensive relative to what? In nominal terms, everything gets more expensive because of inflation eventually.
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9x39
341 days ago
Relative 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.
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AngryData
341 days ago
Labor 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.
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