This will be a long-term theme in the next decade. The Fed’s use of QE to lift up the economy will result in these strong run up in food and material resource prices. These price spikes will short-circuit economies dependent on these resources (think gas moving up to to $4+/gallon for the US consumer).
QE is not a good long term policy, pure and simple. The US economy will be at the mercy of investors bidding up key commodities, which will end up in major margin squeezes for businesses, or less spending on the part of consumers.