Posted on 08/20/2008 10:21:42 PM PDT by TigerLikesRooster
Food prices to post biggest rise since 1990: USDA
By Christopher Doering
Wed Aug 20, 5:43 PM ET
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.
"It's a little bit of a surprise how strong some of the numbers were in July," USDA economist Ephraim Leibtag, who prepared the forecast, said in an interview.
"We've been waiting for some moderation, but especially with some of the meat prices and how much has come through relatively recently (at the retail level) leads me to believe the overall number may be a little bit higher for the year," he added.
Leibtag said he expected food prices to moderate, but the timing depends on what happens to volatile energy and food ingredient costs.
(Excerpt) Read more at news.yahoo.com ...
Ping!
“Drill here, Drill now, Pay less.” It’s not rocket science.
I have 3 stores I shop at - 2 for quick trips and my Walmart Grocery store (not the big Walmart) for my main shopping. I haven’t noticed much price increase at Walmart but at the other 2 it is ridiculous how high some of my favorite items are. Thank God for Walmart.
I was raised on fried potatoes, ham, beans and cornbread. I guess I will have to live on them again.
Hmm, cornbread in milk. Okay, I know what I’m making when I wake up tomorrow.
Their 5-6%m rise is bogus food has gone up 20-30 percent. And that is not even counting the cost of gas to go to the store. They need to post the real numbers not this piddly low balling.
Hmm, from being in the store a couple of times the last few days, potatoes have gone up at least 50% since the first of the year. They were six dollars for a plain Russet ten pound bag, whereas that same ten pound bag was about four dollars at the beginning of the year.
It may just be beans and cornbread, unless we keep burning corn. * sigh *
***According to the article above, ham may not make it to your plate often. ***
I know. I was about to add the words...”well, maybe not the ham.”...but didn’t.
At least I have about 15 chickens ready for the freezer.
*** They were six dollars for a plain Russet ten pound bag, whereas that same ten pound bag was about four dollars at the beginning of the year.***
They are still cheaper to buy than to grow.
Great. It’s 1:05am and now I’m craving cornbread. Thanks. Thanks a lot.
:-)
Last thing the MSM wants the average American to realize is that the rise of food cost (and just about everything else) is tied to OIL! Last thing Rooters wants is for joe six pack to tie low lil supplies to the Rats refusal to produce Americas domestic supply.
***It may just be beans and cornbread, unless we keep burning corn. * sigh ****
Corn won’t grow at all on Rockey Top dirt’s too rockey by far...
That’s why all the folks on Rockey Top get their corn from a jar...
Most unwelcome news.
We have been thinking ahead a little more than normal lately, food wise. I pick our pig up from the butchers tomorrow and that is about 200+ pounds of pork. I haven’t done the math on the whole thing but I know it is the only way we can afford to eat pork...grow our own.
The whole family hunts, except me, so we get 8-9 animals in the freezer every year (deer, antelope and hopefully elk). Gardening is tough where we live due to cold, short summers and rocky soil, but my corn is looking good and I try to can what I can and buy staples when they go on sale.
Also, heating homes is supposed to be pretty tough this winter, too. Thankfully we put a woodstove in last year and firewood is in abundance in our area.
We are picking huckleberries as quick as we can so we can get more fruit in the freezer, too. There are a lot of ways to save on groceries when you have access to nature...but for people in the cities...well, now, that might be a little scary.
Too bad so many people aren’t a little more self-sufficient but I am older and I had a mom who showed me the ropes.
I agree 100%!
Does anybody actually believe official 'Core CPI' used by the Fed today ________? Milk prices, bread prices, power prices and medical costs are surging monthly. All of which means that Social Security recipients will be demanding a 12% increase in 2009 just to keep up with reality.
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