Food Costs Soar Following Severe Worldwide Drought
Food prices are expected to see their biggest annual increase in the past three years thanks mostly to devastating drought conditions all over the world. Dry conditions mean poor crop production; poor crop production means fewer livestock; and fewer livestock means higher prices for meats and dairy at the grocery store. That plus a pinch on products like cocoa, sugar, wheat, rice and especially coffee have the Bureau of Labor Statistics predicting a big bump in food costs.
Higher meat and dairy prices are mostly the culprits in the United States, thanks in part to ongoing drought conditions in the Midwest and Great Plains that have forced ranchers to cull their herds rather than pay exorbitant prices to feed the animals. Inflation of corn and soybean products could be managed if farmers receive favorable conditions for their crops this summer, in turn driving down prices of animal feed as well as products for human consumption. Still, consumers could pay as much as $1 more per gallon for milk at the store to compensate for low supplies mixed with high demand.
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