Monday, January 24, 2011

retail Food likely up 3% to 4.5% this year after only 1.5% in 2010

http://finance.yahoo.com/banking-budgeting/article/111906/commodities-prices-are-hitting-your-wallet

To read whole Yahoo Finance Article paste above article above. begin quotes below from article

Mr. Swanson expects retail food prices to rise between 3% and 4.5% this year, compared with 1.5% in 2010. And some products will be hit particularly hard.

next quote.

Pork is up about 12% from a year ago, beef 6% and poultry 2%, Mr. Swanson says. And poultry is expected to increase further, he says.

next quote.

Jack Brown, chief executive of Stater Bros. Markets, a 167-store grocery chain in southern California, says cereal prices rose 6% in increments last year and the retailer has passed along half of that increase to consumers — and will continue to do so in 2011.
The supermarket chain also has raised the price of packages and cans of coffee by 4% in response to an 8% rise in wholesale prices about three months ago, Mr. Brown says. Coffee-bean prices surged 77% in 2010. end quote.

These prices will directly affect all food in the U.S. and indirectly affect all food worldwide. So, if you spent a dollar on food last year expect to at least pay another 3 to 5 cents for the same food you bought that year per dollar of food this year.

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