“Food prices have spiked, the result of drought and North Korea’s defiant launching of a rocket in April that shut down new offers of food aid from the United States. Development organizations also blame speculators who have hoarded staples in anticipation of reforms that have yet to materialize. The price of rice has doubled since early summer, and chronic shortages of fuel, electricity and raw materials continue to idle most factories, leaving millions unemployed.”
From a New York Times
report on North Korean life under Kim Jong-Un. We at The Price Hike typically focus on food inflation at high-end U.S. restaurants. This of course is the darker, more tragic side to rising food prices.