Prepare to Pay More for Food
Manufacturers Say Rising Commodity and Energy Costs Driving Prices Up at the Grocery Store
Nobody doesn't like Sara Lee, but that may not be the case anymore after the company raises the price of its bread this spring due to record-high wheat prices.
According to the Chicago Tribune, food prices are rising at a pace not seen in almost 20 years. Costs have increased on basic commodities such as grain and milk, plus energy prices have risen dramatically. This results in higher food prices for consumers.
Many economists say the ethanol industry is driving up the price of corn. Corn is a main player in the food system, present in everything from animal feed to soda (and just about every other processed food).
The paper reports that there is evidence that some consumers have started to shift their shopping habits, opting for lower priced goods after years of splurging on everything from premium coffee to organic pasta. Industry insiders wonder if the majority of Americans will look for less expensive goods, or stick to recognizable name brands despite the price hikes.
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