Food Price Inflation May Be Slowing Down
The latest government report on inflation has some good news for food shoppers.
Over the next decade agriculture analysts predict food price inflation will tag just behind the general inflation rate.
U.S. Department of Agriculture Analyst, David Stalling says this is good news after a five percent overall jump in prices last year. Meat actually went up 8 to 13 percent.
He says the increases reflect raw farm commodities and a cut in beef production.
“Food prices also reflect prices for transportation, packaging and for all the costs of bringing it to the retail sector as well.”
Stalling suggests a slow down in commodities prices will spell a slow down in inflation.
Over the next ten years he expects food prices to go up, on average, about 2.3 percent a year.