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EXPERTS WARN OF RISING FOOD PRICES
Monday, August 15th, 2011 -- 10:16 am
Posted by Riley Hebert-News Director
It looks like consumers can expect more price hikes at the grocery store. Or, if not price hikes, consumers might get less food for the same price.
The Wall Street Journal is telling consumers to brace for a continuation of rising food prices in 2012 as high prices for commodities cause prices for groceries to rise in response.
The high prices for commodities like corn, wheat, and soybeans seen this summer could have a trickle down effect by the first half of 2012. The U.S. Department of Agriculture said in a recent report that food prices could rise another 3 to 4 percentage points in 2012.
Food executives have responded by reducing package sizes to cut costs and hold the line on price, especially for brands frequented by price-sensitive consumers.
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