\”Over the long run I think food prices and the proportion of income spent on food may well be going up,\” he said. \”Because of growing demand it is going to change. It is the basic law of supply and demand.\”
I don\’t doubt that the price of food is going to go up. I doubt very much that the portion of income spent on it is going to go up.
For one of the things that is driving up food prices is that incomes are rising…..