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]
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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.
(visit the link for the full news article)
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