Higher food inflation

One of the unintended consequences for printing money is higher food prices across the globe. It is especially tough on emerging market and poor countries. The uprising in Egypt and other parts of the Arab world is a warning for China and India. I suspect fighting inflation will be the priority for Chinese and Indian Government. The tightening of credits and interest rate will be more than market expected. It will finally break the uptrend for commodities this year (as long as Federal Reserve is not doing QE 3). The out-performance of Canadian and Aussie market will not be repeated this year.