Perspectives
“Get Ready For Higher Food Prices” Goes Mainstream
Shoppers could see higher grocery bills as early as three months from now, though most of the impact won’t be felt for another six months, said Scott Irwin, an agricultural economics professor at the University of Illinois.
From Omaha.com
Shoppers could see higher grocery bills as early as three months from now, though most of the impact won’t be felt for another six months, said Scott Irwin, an agricultural economics professor at the University of Illinois.
Chicken prices are among the first to rise because the bird’s life span is so short that higher feed costs get factored in quickly, he said. Price hikes for hogs take about a year and cattle two years. Prices on packaged foods take six or seven months to rise.
Tyson Foods, the nation’s biggest meat company, said chicken, beef and pork prices are expect to rise this year, if only slightly, as producers seek to cover costs.
ConAgra Foods Inc. — the Omaha-based producer of brands including Healthy Choice, Banquet and Chef Boyardee — is raising prices on some of its products because of higher costs for corn and fuel, said Teresa Paulsen, a spokeswoman.
The price rally has bolstered the financial fitness of America’s crop and livestock operators over the past eight months. Midwestern cropland is yielding record values. Rural banks and equipment makers report record profits.
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