Food Prices Just Keep Going Up
No break in rising food prices for 2012 according to the U.S. Department of Agriculture. USDA Food Price Economist, Ricky Volpe, says inflation rates are slowing, but most prices continue to increase.
"For the year 2012 we're looking at beef and veal prices to increase by 4.5 to 5 percent and pork to increase by 3 to 4 percent. So those are increases on top of the record prices we're already seeing in 2011."
He says bread is already 4 1/2 percent more than last year and wheat prices are expected to soar by a third, "and as a result we're expecting the prices for bread, cereal, and bakery products to increase through the remainder of the year and into 2012."
Volpe says they could go up another 5 percent.