Consumers Unlikely to Feel Drought Impact on Food Prices Until 2013

Seriously? They don’t predict any more of an increase over what we saw this year?

The U.S. Department of Agriculture left its inflation forecast for all food in 2012 unchanged from a month earlier at 2.5% to 3.5%. But in its first forecast for 2013, the USDA projected the price of all food will climb 3% to 4%. Last year, U.S. food inflation ran at 3.7%, the highest rate since the 5.5% in 2008.

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