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| Segment# |
| 6 |
| Location |
| |
| Date |
| 2/20/2008 |
| |
| Story Name |
| THE ECONOMY WHEAT PRICES |
| |
| Notes |
| |
| |
|18:50:57 CHARLES GIBSON |
|(VO) Consumer prices jumped four-tenths of a percent in January, higher |
|than economists expect period. The cost of food and fuel are the reasons. |
|In the past 12 months, prices have risen 4.3%. |
|18:51:07 CHARLES GIBSON |
|(OC) And one of the ways you're surely feeling the effects of inflation |
|is in the price of bread and pancakes and pasta, anything made with wheat. |
|GRAPHICS: WINTER WHEAT |
|18:51:15 CHARLES GIBSON |
|(VO) Today a bushel sold for $10.33, more than double what it costs a |
|year ago. |
|18:51:20 CHARLES GIBSON |
|(OC) As ABC's Sharyn Alfonsi reports, consumers are eating those higher |
|prices. |
|18:51:26 SHARYN ALFONSI, ABC NEWS |
|(VO) Bakery owner Pam Weeks is counting every pinch of flour and watching |
|every penny. |
|18:51:31 PAM WEEKS, BAKERY OWNER |
|It's just unbelievable how much the price of flour went up overnight, |
|literally. |
|18:51:35 SHARYN ALFONSI |
|(VO) Just a few weeks ago, these 50 pound bags of flour cost $15, today |
|they're $40. |
|18:51:42 PAM WEEKS |
|We're trying to figure out ways to cope with that. But it's to the point |
|now, where we have no choice. We're going to have to raise prices. |
|GRAPHICS: LESS WHEAT PLANTED |
|18:51:50 SHARYN ALFONSI |
|(VO) Blame it on the price of wheat. Demand for alternative energies has |
|farmers planting less wheat and more corn, the key ingredient of ethanol. |
|Add the growing appetite for wheat from developing countries and the |
|supply is strained. US wheat stock piles have hit a 60-year low. And |
|wheat prices have never been higher. |
|18:52:12 SHARYN ALFONSI |
|(OC) That means the cost of pasta has doubled and that loaf of bread, |
|it'll cost you an extra 20 cents. Economists say it is the fastest rising |
|rate of food inflation in nearly 15 years. |
|18:52:24 SHARYN ALFONSI |
|(VO) The price spike is being felt across the globe. In Italy, the cost |
|of pasta is spiraling, up 20%. Malaysia is no longer allowing anyone to |
|take flour out of the country. And in Pakistan, they're now stock piling |
|wheat and using its military to guard flour mills. |
|18:52:44 VIC LESPINASSE, GRAIN ANALYST |
|As long as this strong foreign demand continues and as long as the demand |
|for ethanol continues to grow very rapidly, there doesn't seem to be any |
|end in sight. |
|18:52:54 SHARYN ALFONSI |
|(VO) Putting wheat farmers, like Joe Care, in an unusual position, the |
|driver's seat. |
|18:52:59 JOE KEJR, KANSAS WHEAT GROWER |
|It is real exciting to see where the prices are, prices that I have not |
|seen in my lifetime. |
|18:53:06 SHARYN ALFONSI |
|(VO) The world hunger for ethanol is changing the landscape of America. |
|Pam Weeks wonders if the price will curb our appetite. Sharyn Alfonsi, |
|ABC News, New York. |
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