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The U.S. Department of Agriculture expects overall food prices to rise as much as 4 percent in the U.S. by the end of 2010. Yet, some economists think they could climb by as much as 5 percent.
Since that peak was hit, global food prices have retreated some 15%, meaning consumers are still paying about 45 percent more for food now than they were just two years ago. Bill Lapp, former chief economist at food giant ConAgra (CAG) and now president of Advanced Economic Solutions, a consulting firm in Omaha, Neb. that specializes in analysis of food costs, says at the peak of the global food crisis, food prices in the U.S. grew 6 percent. In 2010, he thinks they could jump 5 percent. Yikes.