WASHINGTON – Due to higher feed costs for chickens, hogs and cattle, U.S. food prices will rise by at least 7 percent in the upcoming year, Reuters reported.
A group of food-industry economists said 2009 will be the third year in a row that food prices rose higher then the U.S. inflation rate — which is now at its highest since 1990.
At a recent teleconference, arranged by a group of major foodmakers, economists predict that food inflation could be 7 to 8 percent.
This year's corn, wheat and soybean crops — major ingredients in feed rations — are said to fetch prices at the farm gate that are double their 2005 levels.
"We've been losing money for more than a year," said Bill Roenigk, economist for the Chicken Council. "We need to recover these feed costs."
Fox News First
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox.
By entering your email and clicking the Subscribe button, you agree to the Fox News Privacy Policy and Terms of Use, and agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.