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UPDATE: STICKER SHOCK ON FOOD PRICES |
| (03/22/2014) |
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The government says food prices are up 6.4 percent since 2011, chicken is up 18.4 percent, ground beef is up 16.8 percent and bacon has skyrocketed 22.8 percent. Here on earth, food shoppers are feeling sticker shock over increased prices, particularly with fresh meat. Ground chuck is averaging $4 a pound or higher. The U.S. Department of Agriculture said beef costs could hit all-time highs of $5 a pound this year, milk, dairy products, egg and cereal prices are increasing. The blame, drought and the international market. Chocolate lovers will be forking over some bigger bucks too. Could be the time for home grown food. The price of bacon is surging and the cost of other morning staples, like coffee and orange juice, is set to rise because of global supply problems, from drought in Brazil to disease on U.S. pig farms. The cost of meats, fish and eggs led the biggest increase in U.S. food prices in nearly 2 ½ years last month. Bringing home the bacon is costing more. The average price of a pound of sliced bacon in U.S. cities was $5.46 in February, up from $4.83 a year earlier and $3.62 five years ago, government data shows. The retail price of pork is projected to climb by 2.5 percent to 3 percent this year. "You should expect to see very high prices for your ground beef, your other meat cuts, all the pork cuts will be higher this year," Donnie Smith, CEO of Tyson Foods. Coffee futures have surged 57 percent this year and this month rose above $2 a pound for the first time in two years. Coffee growing regions of southern Brazil, the world's largest coffee producer, have been hit by drought. Orange juice futures are up 12 percent this year, and climbed as high as $1.57 a pound March 6, their highest price in two years. A series of problems are driving the orange increases. Florida's orange crop is forecast to be the worst in almost a quarter of a century and then there is a citrus disease.
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