Inflation has started to rear its head in foodstuffs, with Panjiva analysis showing that prices of butter and chicken increased by 45.1% and 62.9% year over year respectively through Jan 22. In the case of butter, this may be a reaction to increasing exports, up 131.6% year over year in Q4. Exports affect prices by lowering the supply of goods available for sale domestically, this increasing prices relative to if there were no exports. This does not mean that exports are bad, or that they are the only force acting on commodity prices, but that increasing exports and prices are likely ...