Beef, Dairy Lead Rising Food Prices

May 10, 2011 11:04 PM
 

Prepare to pay more when you head to the grocery store. USDA says meat, poultry, cheese, dairy products, fruits and vegetables are all predicted to be pricier this year, compared to 2010.

We’re forecasting a 7 to 8% increase in retail beef prices over 2010 and 6 to 7% for pork,” says Ricky Volpe, U.S. Department of Agriculture economist. He says milk, cheese and yogurt are also set to increase 5.5% over 2010 prices.
 
Volpe says the main reason meat and dairy prices are increasing is due to higher feed and transportation costs.
 
“Because corn prices are up and as corn prices go up, the price of feed goes up. Also, fuel prices are up, which increases production costs for all commodities but particularly for a lot of meat and dairy products.”
 
The only good news about rising food prices, Volpe says, is that they mean the economy is improving.
 
Watch to learn more:

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