Effects of Drought Will Soon be Seen at the Grocery Store
Consumers really haven't seen the impact of the drought at the grocery store yet - but USDA says we can expect to start seeing the effects by the end of the year. Chicken, milk and eggs will likely be the first to rise in price - followed by pork and beef price increases in early 2013. Higher prices will spread through the rest of the grocery store by mid-year. USDA Economist Ricky Volpe notes the drought affected about 80-percent of agricultural land and hit the crops fundamental to America's food supply - corn and soybeans.
Mike Miller with the National Cattlemen's Beef Association says consumers can expect the price of beef and other proteins to rise four to six-percent in 2013. Overall - USDA's Volpe says retail prices will likely increase three to four-percent in 2013.
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