2013 FOOD PRICE INCREASE NOT AS DRASTIC AS PREDICTED
The Agriculture Department’s Economic Research Service (ERS) recently revised 2013 food price predictions to between 2.5 to 3.5 percent from an earlier forecast of 3 to 4 percent. Food prices are currently rising at a 3 percent rate.
Increases in meat, dairy, cereal and bakery products are not as high as initially predicted. USDA said price increases for meat and dairy products of 2.5 to 3.5 percent and cereal and bakery items, up 2 to 3 percent, are expected to be lower than earlier forecasts.
U.S. food prices increased 2.6 percent in 2012 and 3.7 percent in 2011.
Click here to view the complete ERS.