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U.S. Food Prices To Post Biggest Rise Since 1990: USDA

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posted on Aug, 21 2008 @ 05:57 PM
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U.S. Food Prices To Post Biggest Rise Since 1990: USDA


www.reuters.com

WASHINGTON, Aug 20 (Reuters) - U.S. consumers should brace for the biggest increase in food prices in nearly 20 years in 2008 and even more pain next year due to surging meat and produce prices, the Agriculture Department said on Wednesday.

Food prices are forecast to rise by 5 percent to 6 percent this year, making it the largest annual increase since 1990. Just last month, USDA forecast food prices would climb between 4.5 and 5.5 percent in 2008.

(visit the link for the full news article)



[edit on 21-8-2008 by DimensionalDetective]




posted on Aug, 21 2008 @ 05:57 PM
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I wonder just how much more the lower and middle class can take. We are getting pounded from every angle: Housing, Fuel, utilities, and now food just keeps skyrocketing up and up and up. I have seen many items in my area rise by up to 40-50% over the past couple of years, and by the sounds of things, this may be small potatos (pun intended) to what lies ahead for us.

Sigh...


In its latest food prices report, USDA said the increase for 2008 was due partly to higher costs for meat, poultry and fish, which make up about 12 percent of total food spending. Overall, costs for these items are forecast to rise 3 percent compared to 2.5 percent estimated last month.

Prices for fruits and vegetables, which account for more than 8 percent of food spending, will also rise 5.5 percent versus 5 percent predicted in July.

USDA also forecast increases this year of 9.5 percent for cereals and bakery products, a 14 percent surge for eggs and a 13.5 percent hike for fats and oils.




www.reuters.com
(visit the link for the full news article)



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