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_POSTED_BY admin
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Wednesday, 20 August 2008 |
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The Golden Age of cheap food is over and the Agriculture Department warned US consumers Wednesday that food prices are likely to increase by 5 to 6 percent this year , the largest yearly increase since 1990 , and by 4 percent to 5 percent inj 2009..
USDA also forecast increases this year of 9.5 percent for cereals and bakery products, a 14 percent surge for eggs and a 13.5 percent hike for fats and oils.
Last week Agriculture Secretary Ed Schafer said he did not see any relief for food prices during the remainder of the year even though energy prices - responsible for pushing up transport , packaging and processing costs - are dropping.
"We haven't seen those prices reflected in the finished products yet," Schafer said.
Americans spend more than $1 trillion a year on groceries, snacks, carry-out food and eating out in restaurants.
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Last Updated ( Friday, 22 August 2008 )
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