Rising food prices are probably a threat to your portfolio. Because they mean slower world growth at a time when the recovery is still patchy.
Through 2010, investors flew on one engine of demand: emerging markets. But now, central banks on those places are slamming on the brakes. And local stock markets are starting to show the pain.
Tonight, India will probably raise interest rates for a seventh time, because wholesale prices are rising at 8.5 percent.
Foreign investors poured $29 billion into Mumbai's stock market last year. This month, they've already yanked $1 billion back. Indian stocks are down 6 percent.
That's not as bad as Indonesia where the loss is 9 percent. With rice prices up 30 percent, its central bank said Friday it too would soon raise interest rates, for the first time in 18 months.