High Wheat Prices Raise Grocery Costs
LUBBOCK, Texas (AP) — If you think the cost of gassing up your car is outrageous, wait until you need to restock your pantry.
The price of wheat has more than tripled during the past 10 months, making Americans' daily bread — and bagels and pizza and pasta — feel a little like luxury items. And baked goods aren't the only ones getting more expensive: Experts expect some 80 percent of grocery prices will spike, too, and could remain steep for years because wheat and other grains are used to feed cattle, poultry and dairy cows.
"It's going to affect everything ... impact on every section of the grocery store," said Michael Bittel, senior vice president of King Arthur Flour Co. in Norwich, Vt.
White bread cost an average of 85 cents a pound in 1998 and $1.03 in February 2006. The price rose to $1.32 a pound last month, according to federal data.
And that's on top of overall food price increases of 4 percent last year and an additional 3.5 to 4.5 percent expected this year, according to federal data. Most years see 2.5 percent increases.
And YOU thought gassing up your car was expensive! Prices in the super market are getting totally ridiculous for a variety of reasons. That is why I posted this article. Hey, if YOU are going to be hungry and cant afford some of the food YOU need, YOU might as well know why. Click the link for the rest of the story iWon Money & Investing .
Show me the money(for food and gas)
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