From the Wall Street Journal:
Commodity prices are going up, but when will the global food companies dare to pass on rising cocoa and wheat increases to consumers stumbling out of tough economic times?
In December, the Food and Agriculture Organization of the United Nations Food Price Index smashed past its June 2009 peak, reflecting increases in world prices of all commodities. Particularly high was the FAO Cereal Price index, which includes staples such as rice, wheat and maize, which were 39% higher than a year earlier.
Such figures are the elephant in the room for food firms that nobody wants to talk about publicly.
Worried perhaps about the impact on fragile consumer confidence, nobody wants to go first.