- Rises in the cost of bread, pasta, breakfast cereal, dairy and meat are on the horizon
- Oil prices could double from $80 a barrel last year to $160 this year, experts have warned
- Families face massive rises in fuel and food costs, ministers warned last night.
- International cereal prices up at least 70 percent from last year as stocks dwindle and prices soar
A catastrophic 1970s-style oil price spike is on the cards while the price of supermarket basics continues to soar. Political turmoil in the Arab world could send oil prices skywards.
Higher fuel costs hit food producers, pushing up the prices paid by consumers. That would add to inflationary pressure and increase the prospect of interest rate rises.
A UN report yesterday revealed that rises in bread, pasta, breakfast cereal, dairy and meat prices are on the horizon – irrespective of future oil price hikes. The commodity price of key foods rose again in February, making it the eighth successive month of increases, according to the UN Food & Agriculture Organisation.
It pointed out that the export prices of wheat, corn and rice are up by a staggering 70 per cent in one year. Higher grain prices also lead to more expensive meat and dairy products in the shops because of their heavy use in animal feed.
It is now reported that in some countries most of the daily wage is spent on food (just as the bible predicted in Revelation 6:5.) As well as that, extreme weather ranging from droughts in Russia to floods in China and Australia has particularly hit global wheat production. Global cereal stocks this year are expected to fall sharply because of a decline in inventories of wheat and coarse grains.
Oil prices are currently running at over $100 a barrel – the highest level since 2008. But analysts predict prices will surge even higher if the political turmoil gripping North Africa spreads across the Gulf. Soaring oil prices will have a direct impact on fuel prices at the pumps, which are already at the record average level of 130p a litre.
My comment: Is the world listening to these warning blasts of God’s trumpet? NO. Are Christians aware of the speedy approach of the end times? For the most part, NO. Unless they turn and repent God will continue to smash their self-satisfied smugness:
For she did not know that I gave her grain, new wine, and oil,
And multiplied her silver and gold — which they prepared for Baal.
Therefore I will return and take away My grain in its time
And My new wine in its season,
And will take back My wool and My linen,
Given to cover her nakedness.
Now I will uncover her lewdness in the sight of her lovers,
And no one shall deliver her from My hand.
I will also cause all her mirth to cease,
Her feast days, her New Moons, her Sabbaths —
All her appointed feasts.
And I will destroy her vines and her fig trees,
Of which she has said, ‘These are my wages that my lovers have given me.’
So I will make them a forest,
And the beasts of the field shall eat them.
I will punish her for the days of the Baals to which she burned incense.
She decked herself with her earrings and jewellery,
And went after her lovers; but Me she forgot,” says the LORD.