The US media has been obsessed with gas prices for a long time. Rising prices at the pump is a staple for the local news. Lately prices have also become political fodder for the presidential primary, even though the cost of a gallon of gas in the US is still about half of the price it is in Europe.

A bigger inflationary factor on the horizon is the cost of food. As the world's population increases there is always a fear of food shortages, but according to the World Bank, in the last 36 months global food prices have risen 83% and are expected to stay high until 2015 (Business Week). This increase has resulted in riots in poor countries like Egypt and Haiti and the rationing of rice at some Costco and Sam's Club stores.

Just in the last year prices of eggs in the US are up 40%, and milk has risen by 26%. Globally, one billion people may face starvation if prices continue to exceed their dollar-per-day incomes.

The reasons for the price hikes include drought, trade regulations, energy costs and demand in China and India. Another factor is the use of corn to produce Ethanol to power our vehicles. It is estimated that the grain needed to produce 25 gallons of pure ethanol - roughly an SUV-sized tank of fuel - contains enough calories to feed one person for a year (Foreign Affairs).

Gas prices are going to continue to make headlines but the cost of food will be the major topic for business and governments around the world in the coming decade.