We can Expect at Least a 6% Rise in Food Cost

[dollardaze]

The price of food is expected to rise 6% this year, and that does not factor in the flooding in the Midwest, which is occuring now. This inflation in food costs is the highest in years, and with the flooding, could jack those prices much higher than the predicted 6%.

Grocery prices are expected to rise 6 percent this year -- even before factoring in the toll of Midwest flooding on the nation's all-important corn crop.
The new estimate of food inflation is the highest in years, according to data the U.S. Department of Agriculture plans to release next week with the June consumer price index.
Experts attribute increasing prices to the additional uses besides human nutrition that the world has found for basic crops, especially corn. But natural disasters, like the crop-killing rainfall swamping North America's principal river basin, can dramatically alter supply and send prices shooting up.

Frank Bentayou

This is really going to further hurt our economy, and our purses. It's already hard to feed our families, and now with this terrible flooding, those corn crops may be doomed. What really galls me is that people are blaming the poor farmers, who actually see very little of the money that is spent on food.
Those farmers work from pre-dawn to dusk daily just to eke out a living for their families, and then they get blamed for the grocery prices. It's not at all fair to them.

We can Expect at Least a 6% Rise in Food Cost

[moneysense]

Yes, the flood will definitely cause food prices to go up.

Over a million acres of corn have already been destroyed and the flood wont even reach St Louis till tuesday. And still has hundreds of miles to go before it will be over. Plus factor in how many levees that are on the verge of collapsing and there could be even more problems than would normally go on during a flood of this magnitude.

Beef, and chicken will go up a lot as corn is used to feed these animals. So will milk, and eggs again. And they expect it to be next year before we see any relief in food prices, if then.