Food prices are rising at alarming rate
The cost of crops and livestock is up 16% this year compared to last year, driven higher by rising costs for feedstock and fuel. According to the annual report released by a U.S. Department of Agriculture, prices for farm products rose 1.9% in June alone. Food prices for crops like wheat and soybeans rose 1.6% while the price of livestock rose less than 1%.
But if you think 16% is high, consider that this report measures the price that farmers sell their goods for, and not the ultimate price that you, consumers pay for food. Crops and livestock costs amount to a fraction of the final cost of food, after transportation, packaging and marketing costs are also factored in. So in reality the food prices has gone up much higher. In my estimate based on prices I pay, it is more like 30 - 35%.
Thu Jul 31, 2008 03:07PM by Tony | More in Economy | Comments (0)
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