I’ve been looking for a standard food price index comparable to the “barrel of oil” or the “gallon of gasoline” we’ve all come to know and love and, more importantly, intuitively grasp. The idea here is a number that’s standardized, readily available and easy to grasp.
The Economist has its Food Price Index, but WTF is a “food price index”? Still, it’s the best I’ve got right now. Is there a standardized “bushel of rice” or “bushel of wheat” or something that shows up on the data pages of the Wall Street Journal every day?
For now – Economist FPI: 264.6, up 4.2 percent from a month ago and 69 percent from a year ago.