Recent headlines have suggested that food prices are rising faster than inflation or incomes, prompting concerns that consumers struggling through a pandemic-racked economy may be spending more of their dollars to feed their families. But what is the data really saying – are we talking about retail grocery prices, food consumed away from home, or simply about rising commodity prices?

In this episode we talk with Scott Irwin, the Laurence J. Norton Chair of Agricultural Marketing at the University of Illinois. His research on agricultural markets is widely cited by other academic researchers and is in high demand among market participants, policymakers, and the media. He is best known for his work on the impact of speculation in commodity markets.

Irwin recently noted that headlines in consumer press about food price inflation are a bit misleading. In a wide-ranging interview, he peels apart the layers of the food price inflation discussion, and the related implications for farm and food policy. He also discusses the concept of a commodity market “supercycle,” if we are or are not entering one now, and prospects for general inflation over the next 3-5 years.

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