US gas prices seem to hit new records each week. Home foreclosures and defaults have raised alarm bells. Now there are worries about food. Soaring food prices forced some major US retailer to ration some rice purchases. The warehouse retailer Sams Club said it was rationing sales of jasmine, basmati and long grain white rice limiting customers to just four bags per visit, due to what it called recent supply and demand trends. Stores have been reporting customers concerned about rising prices of rice, clearing out shelves and buying by the pallet. Treasury Secretary Henry Paulson, at a meeting with Reuters reporters, said he sees no signs of a American food crisis. SOUNDBITE: Treasury Secretary Henry Paulson, saying (English): "In the US, I dont see food shortages. There is plenty of food in the US, the price has gone up, but again that isnt as significant for the American consumer as the price of gasoline." Concerns about rising food prices are spreading. On Thursday, Brazil - in the footsteps of India - said it was suspending rice exports in order to feed its own people and keep prices stable . The country said it would also sell rice from its own stockpiles. SOUNDBITE: Treasury Secretary Henry Paulson, saying (English): "In the world, it is a significant issue and the United States is focused on getting food to those who need it the most and getting it there quickly. Emergency food relief -- we provide about half of that for the world." Overall in the United States Paulson said the US is going through a rough patch. SOUNDBITE: Treasury Secretary Henry Paulson, saying (English): "The US economy has slowed down. It has slowed down significantly. We have had a tough quarter last quarter."" Paulson said a federal stimulus is on the way to consumers - and ahead of schedule. SOUNDBITE: Treasury Secretary Henry Paulson, saying (English): "Im quite encouraged by the fact that we have stimulus checks coming out some time next week, so we are going to pump 50 billion dollars into the economy in May and another 50 billion dollars in June, I think it will make a difference." Paulson also told Reuters that there has been progress in calming financial markets and increasingly the focus will be on stimulating the economy. Deborah Lutterbeck, Reuters
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Added: Apr 25, 2008 |
| Category: News |
Author: reuters |
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