Today on CNN Newsroom
Taking the Lead: Cotton will cost you more
Stock up now. The 'fabric of our lives' is getting a higher price tag.
Cotton clothing is costing more. Buttons are starting to get smaller to conserve cotton thread. And companies are looking at alternative fabrics to keep prices down.
Why?
Prices have soared almost 80% higher in the past few months. The reason? It's simple economics: supply and demand. Because of the recession, less people have wanted products made of cotton, so prices have been low. Demand, however, started to pick up again this year. At the same time, bad weather damaged crops in China, India, and Pakistan – all major cotton producers. This choked off a big chunk of global cotton supply. So, more demand + less supply = more expensive cotton.
Oh, and speculators also entered the market to bet on cotton, driving up prices even further.
Polyester just got a little more en vogue.
On Twitter
What something China and India can't produce, yea back to the 70's with all that Polyester and jack up those cotton prices......Isn't that what free enterprise is all about?
I don't mind paying a few dollars extra for cotton but if I have to live through the polyester 70's again ....somebody's gonna pay !!!! 🙂 NO MORE BELL BOTTOMS and LEISURE SUITS!!!
Inspite all the gains the Republicans have made, let's not forget that the President still has veto power.
We have our own cotton growers right here in America. We don't need their cotton. So I ask you why should the cost of cotton go up here in America?
Bob,
the price will go up because we no longer make the quantity of fabric that we once did. That needs to be changed.
the #1 reason the price is going higher is speculators, traders or shall I saw thieves...ahh what a country. Get a group of rich people buy up commodities so it seems like supply and demand then sell high. then move to the next item like oil, sugar, wheat, gas, etc...