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Economists predict food prices to rise

Aug. 7, 2012 - Economists are predicting that the drought that North America is facing will have ramifications at the supermarket for years.

According to an article from The Financial Post, economists are predicting that food costs will go up by 2.5-3.5 per cent in 2012 and 3-4 per cent in 2013 due to the droughts impact on crops, specifically corn and soybeans.

“This will trickle through the cost of production for food, and eventually will have an impact at the grocery store,” says Patricia Mohr, a commodity markets specialist a Scotiabank. “It’s hard to say exactly when this will show up.”

For more information on how the drought could affect food prices, see the full article on The Financial Post.