William Dudley, president of the New York Federal Reserve Bank, answered questions on the spike in food costs from a distraught audience in Queens, New York today. In an attempt to quell the group's anxiety over food price inflation, Dudley offered an example of one of the many types of products that's actually experiencing a price decrease right now. "Today you can buy an iPad 2 that costs the same as an iPad 1 that is twice as powerful," he reassured them. Unsurprisingly, the group wasn't all that comforted by this statement. One person referred to the comment as "tone deaf," while another simply replied, "I can't eat an iPad." Fair points.
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