In my experience there is generally a lag of about 4 months or so before the prices being reflected in some of the futures markets impact the wider economy as a whole, particularly the retail level. With this in mind, please note the following headline that came out this morning.
Wholesale prices up 1.6 pct. on steep rise in food
Wholesale prices rise 1.6 pct. due to biggest jump in food costs in more than 36 years
On Wednesday March 16, 2011, 8:57 am EDTWASHINGTON (AP) -- Wholesale prices jumped last month by the most in nearly two years due to higher energy costs and the steepest rise in food prices in 36 years. Excluding those volatile categories, inflation was tame.
The Labor Department said Wednesday that the Producer Price Index rose a seasonally adjusted 1.6 percent in February -- double the 0.8 percent rise in the previous month. Outside of food and energy costs, the core index ticked up 0.2 percent, less than January's 0.5 percent rise.
You can read the entire story here: