Despite the record harvest, threats of food shortages keep popping up like hobgoblins at Halloween. New scarcities are now expected in such key items as canned goods and dairy products; even turkey will be in short supply for the holidays. More frustrating, because of snarls on overloaded U.S. railroads, the bumper yields will be tortuously slow in reaching markets, further tightening supplies and kicking up retail food prices, which have inflated 21.5% in the past year. Concedes Herbert Stein, chairman of the Council of Economic Advisers: "It's probable that we will see some larger food prices in the months ahead."
The cost...
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