Thursday, March 10, 2011
Food prices on the rise
Food and Ag Policy Research Group:4 Percent Rise in Food Prices in 2011
Washington--Food prices could increase by more than 4 percent in 2011 as the farm sector recovers from
a sharp downturn in the recession, University of Missouri economists reported to Congress Monday.
The annual MU Food and Agricultural Policy Research Institute baseline shows net farm income may reach a record $99 billion in 2011.
“After two years of very subdued U.S. food price inflation, food prices may increase by 4.2 percent,” said Pat Westhoff, director of MU FAPRI. “Projected food inflation drops to 2 percent, a level matching overall inflation, after 2012.”
Food prices will rise not only from higher prices paid at the farm level for food grains and livestock, but also due to recent increases in energy costs, according to FAPRI.
--University of Missouri news release
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