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Talk Back: Drought and Food Prices

Are you concerned about whether the Midwest drought will jack up the cost of food?

Experts continue to show concern about the damage caused by the drought in the Midwest this year and warn that food prices could skyrocket as a result.

Citing the combination of lack of rain and high temperatures, the U.S. Department of Agriculture said last week that milk, eggs, beef, poultry and pork prices could all rise because the drought has pushed up prices for feed, and that will eventually translate into higher prices for steaks, hamburger, pork chops and chicken. Fruit and vegetable prices are less affected.

According to the New York Times, the drought is now affecting 88 percent of the corn crop, a staple of processed foods and animal feed as well as the nation’s leading farm export.

The government predicts that estimated that prices will rise 4 to 5 percent for beef next year with slightly lower increases for pork, eggs and dairy products.

Are you concerned? Are you keeping a close eye on your grocery bill? Tell us in the comments.

camille bach August 09, 2012 at 06:35 AM
A drought is an extended period of months or years when a region notes a deficiency in its water supply whether surface or underground water. Too bad, the stunted plants, bending over cracked and dusty fields, are a product of the worst drought to hit the United States. Around the world, corn is used in a wide range of products, from processed foods to biofuels. Soy is used mainly in food products. Both are also used as animal feed, which means the price of meat could also be impacted. The higher corn and soy prices also drive up demand for wheat. As a result, the cost of that grain is on the rise as well. <a href="http://personalmoneynetwork.com/moneyblog/2012/08/07/droughts-food-prices/">Midwest droughts will raise the price of food</a>.

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