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FRIDAY, NOVEMBER 27, 2009
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Record Food Price Hikes Loom

Biggest increases for 20 years forecast

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(Newser) – Americans should get ready for pain at the supermarket checkout, reports Reuters—and squash any hopes of food prices getting better next year. A revised USDA forecast predicts a 5% to 6% leap in food prices this year—the biggest increase in 20 years—and USDA officials fear 2009 could see another 4% to 5% jump. This year's report includes surges of 9.5% for cereal and 14% for eggs. 

"It's a little bit of a surprise how strong some of the numbers were in July," said a USDA economist. "We've been waiting for some moderation, especially with some of the meat prices... The overall number may be a little bit higher for the year."

Retail prices for cereal, eggs, cheese and meat are soaring. USDA experts predict a 6% overall increase in 2008 with more surges ahead in 2009.
Retail prices for cereal, eggs, cheese and meat are soaring. USDA experts predict a 6% overall increase in 2008 with more surges ahead in 2009.   (AP Photo/Paul Sakuma)
Retail prices for cereal, eggs, cheese and meat are soaring. USDA experts predict a 6% overall increase in 2008 with more surges ahead in 2009.
Retail prices for cereal, eggs, cheese and meat are soaring. USDA experts predict a 6% overall increase in 2008 with more surges ahead in 2009.   (AP Photo/Mark Lennihan, file)
A trader man arranges boxes of strawberries at the Union Square Greenmarket in New York. Consumer prices shot up in July at twice the expected rate, pushed higher by surging energy and food costs.
A trader man arranges boxes of strawberries at the Union Square Greenmarket in New York. Consumer prices shot up in July at twice the expected rate, pushed higher by surging energy and food costs.   (AP Photo/Mark Lennihan, file)
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