No further increase in food costs yet, says USDA
Aug. 29, 2012 - The USDA Economic Research Service has released a report stating that food prices remain unchanged (3-4 per cent) from last month, but that will change approaching 2013.
According to an article in the New York Times, the expected food price increase remains unchaged, despite the extreme heat, water shortage and reductions in harvests.
However, the article stated that government forecasters reiterated their projection of a 3.5 percent to 4.5 percent jump in chicken and turkey prices this year. But, the government does expect the prices to stabilize into the 3-4 per cent range the following year.
For more information on how food prices may increase do to the drough, please read the full article at the New York Times.