As Mississippi Sinks, Inflation Rises
Due to areas, primary along the Ohio River, the level of the Mississippi has slowed so much that transportation barges cannot navigate part of its waters. The area of southeast Ohio and West Virginia have suffered tremendous drought for weeks.
*More Inflation Trouble:
According to Bloomberg, barge traffic is not the only problem. Moving agricultural goods is collateral damage. “The drying of the Mississippi over the past three years is raising shipping costs and hindering farmers’ ability to compete for markets overseas. During the best of times, nearly two-thirds of US crop exports are shipped on the Mississippi to the Gulf of Mexico.”
More Crops Than Needed
The damage done is not just to farmers or shippers. The yield on most major wheat, soy, corn, and other agricultural goods is near record levels.If all of this was available for retail products, it would help to keep inflation down. As it is, the Mississippi River problem is, but its nature, inflationary.
Until there is heavy rain in West Virginia, there is a threat of food price inflation.
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