How Could Iran Affect Food Prices?
Iran may be a world a way geographically, but the turmoil over its nuclear ambitions could hit you in your pocketbook. Even now, the threat of an Israeli strike on Iran has caused speculators to bid up the price of oil to almost $110 a barrel. I am sure you have noticed last time you filled up your car.
Recently, Prime Minister Netanyahu pretty much told Barack Obama that he wouldn’t wait for the United States to give his country approval for a preemptive strike on Iran’s nuclear facilities. This means unless Iran acquiesces to international pressure to open up its nuclear facilities to UN review, an Israeli airstrike could happen any day. It’s this uncertainty that is causing commodity prices to increase.
And when one commodity inflates it has a habit of affecting the price of other commodities. This is because the global markets are so interconnected and mutually dependent. For example, if the price of oil rises, it means it costs more to ship corn, which then makes the price of corn rise. In a relatively short amount of time, the trickle-down effect can hit food prices. So, could the conflict in Iran affect food prices across the globe? Absolutely.
So if you have been thinking about buying food storage, now is probably a good time to do it. Check out our food storage profiles to find the package that best suits your needs.