Wednesday, October 17, 2012

Thanksgiving Turkeys to Gobble Up Food Budget reports:
Following months of dry weather, shoppers can expect to see drought-related price increases in the coming weeks on turkey, eggs, vegetable oils and dairy products.

Poultry prices are 5.6 percent higher than prices last year, with chicken prices up 5.3 per cent and other poultry prices, including turkey, up 6.9 percent, according to the latest Consumer Price Index figures.

The poultry category has been expected to be among the first to reflect price increases caused by the drought.

But the biggest pain won’t hit until next year, when the impact of the drought is expected to be felt on a wide range of foods from cereals to soups, the U.S. Department of Agriculture's Energy Research Services forecasts.

The worst drought to hit the Midwest in decades drove up the price of feed corn and soybeans, which will impact animal-based products the end of this year and throughout 2013.

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