Food Prices Rising
You have probably already noticed that many food staples are getting more expensive. Glynn Tonsor, Kansas State University associate professor of agricultural economics, and others who study food economics are citing severe droughts and extreme weather conditions in several states, livestock health issues, lingering effects of recession and rising imports as chief culprits in the price hikes.
According to the U.S. Bureau of Labor Statistics, food prices rose 0.4% in February, the most since September 2011. Beef and veal showed some of the biggest price jumps, with 4% increases over January. The Agriculture Department expects grocery store prices to rise as much as 3.5% this year, up from 0.9% last year.