The 1996 grain price shock: how did it affect food inflation?(Cover Story)

From: Monthly Labor Review | Date: August 1, 1998| Author: Light, Jerry; Shevlin, Thomas | Copyright information

The grain price spike resulting from the 1995-96 drought is tracked. The impact was smaller than past shocks because of the influence of export markets, hardly effecting finished consumer goods, but producing a 30% increase in crude food- and feedstuffs. Overall, producer responsiveness, declining farm value, and export demand partially mitigated the price shock to US consumers that might have have been expected.

The dynamics of food inflation appear to have changed; the 1996 grain p...

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