Wheat prices on the rise (CBS News) 

CBS News (Money Watch) produced a video interview on rising wheat prices that included Senior research fellow Joseph Glauber. In the interview, Glauber was asked about the input Americans might see on the price of wheat. He said, “We’ve seen most of the inflation we’re going to see right now. It’s running about 10 percent and it’s the highest it’s been since the 1980s. As we look forward, most economists see it abating. It will be a while before we get to two percent, what we’re used to.” In the Middle East, Glauber stated that these countries consume about twice as much wheat as we do. They import a lot of that from the Black Sea. Over the last 20 years, Ukraine and Russia have become a huge market to those countries.” Glauber added that many countries will need humanitarian aid to make it through. They can’t absorb the costs. Countries shouldn’t put on export restrictions that would exacerbate price hikes in the world.” Also published on YouTube.