"Internationally we're looking at a 43% inflation rate in food this year," Ed Schafer, US secretary of Agriculture, told CNBC Tuesday. Schafer said the big driving factor was energy.
Here's the link for the video. And that's not all. If you go to The Big Picture in the next fifteen minutes, Barry Ritholtz will throw in, at no additional charge:
Bonus video: PIMCO's Bill Gross and CNBC's Steve Liesman discuss the dollar and future interest rate decisions.