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. Agriculture Department 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.
Are you concerned? Are you keeping a close eye on your grocery bill? Tell us in the comments.
And as they say, the 'Best' is yet to come, But, it won;t be good. I doubt if people here on the Eastern Seaboard truly comprehend the vast crop losses due to the worst drought since the 1960's, and the longest non-rain period since the 30's. But, here is something else to consider: chemical pricing---including gasoline---is on the way up because CORN is skyrocketing in price due to scarcity. This impacts the Ethanol market on a direct basis. Most gas retailers vend 10% Ethanol fuels at this time of year. Ethanol and Methanol can also be grain-based, and those prices, too are skyrocketing. Chemical futures are skyrocketing for the 4th Quarter. Why is oil rising in cost, which adds directly and clearly to price hikes? Because the oil folks know that with biofuel products scarce and sky-high in price, we will be back to HAVING to buy petro, and there are no discounts in a tight supply world.
Saving money by hiring less cashiers and using self-service check out