Most analysts have been watching the price of oil and how low it will go as a way to measure inflation. But--there may be a new item on the U.S. inflation "menu" to keep an eye on: food. When oil went to high prices this past summer--the ethanol boom sent investors to corn (corn is used for making ethanol). Some economists now say agri-culture might turn out to be a main source of inflation in the months ahead.
Ronald Plain is an agricultural economics professor at the University of Missouri at Columbia. He was on "Power Lunch" to talk about the possibility of a food inflation "binge."