Interesting Inflation News Links (March 3, 2009)

* Grocers, food makers clash over prices (The Tennessean)

There’s a tug-of-war under way over food prices between U.S. supermarkets and giant food manufacturers such as Nestle, Unilever and Kellogg.

* Oil settles 10 percent lower, Knox gas rises (Knoxville News-Sentinel)

Rising gasoline prices are back as average prices rose across the country and in Knoxville on Monday, but oil prices plummeted more than 10 percent with little to suggest energy demand will recover in the deteriorating global economy.

* Iraq struggles with spending plan as oil dips (Sameer N. Yacoub)

BAGHDAD — Iraqi lawmakers struggled Tuesday to hammer out spending plans that could include additional cuts in reconstruction and military purchases because of falling oil prices.

* Higher food prices not going down well (Dallas Morning News)

There’s a tug-of-war under way over food prices between the supermarkets and giant food manufacturers such as Unilever, Kraft and Kellogg.

* Housing slump hits Shanghai owners (Chris Hogg, BBC News)

In Britain and the United States the fall in house prices has been one of the main reasons many people are feeling poorer in the financial downturn.

* Golds allure and value rises, falls with moods (News Tribune)

Gold is where investors go when they are scared scared about war, scared about economic meltdowns or scared about runaway inflation.

* Hamish McRae: The sudden destruction of wealth (The Independent Online)

The world of economics is looking more like it was during the 1970s. There isn’t the inflation and, as yet, the widespread labour unrest that prevailed then, but there has been a similarly massive destruction of wealth. There is also similar pressure on public finances everywhere.

* The sinkhole that is AIG (Kansas City Star)

Marketplace’s Scott Jagow, who we met last week at the Kauffman Foundation’s first-ever Economic Bloggers Forum, offers the following numbers crunch that puts the AIG mess into fascinating context.

* Senate ignores McCain, keeps thousands in earmarks (David Espo-)

The Senate voted overwhelmingly to preserve thousands of earmarks in a $410 billion spending bill on Tuesday, brushing aside Sen. John McCain’s claim that President Barack Obama and Congress are merely conducting business as usual in a time of economic hardship.McCain’s attempt to strip out an estimated 8,500 earmarks failed on a vote of 63-32. The Arizona senator’s proposal also would h…

* Community spirit and values ‘under threat because of pub closures’ (Telegraph)

Almost two thirds of people believe the local pub is an important element of local communities, the study found.

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