original-usagnet.com/story-national.php?Id=958&yr=2008 Report:
Worst Food Price Inflation in 17 YearsUSAgNet - 04/22/2008
The United States is wrestling with the worst food inflation in 17 years, and analysts expect new data to show it's getting worse. U.S. food prices rose 4 percent in 2007, compared with an average 2.5 percent annual rise for the last 15 years, according to the U.S. Department of Agriculture (USDA). The agency says 2008 could be worse, with a rise of as much as 4.5 percent.
The Department of Labor report released on Wednesday shows the U.S. Consumer Price Index rose at a 4 percent annual rate in the first three months of the year, up from last year's overall rise of 2.8 percent.
U.S. households still spend a smaller chunk of their income for foods than in any other country -- 7.2 percent in 2006, according to the USDA. By contrast, the figure was 22 percent in Poland and more than 40 percent in Egypt and Vietnam.
Still, the higher U.S. prices seem eye-popping after years of low inflation. Eggs cost 25 percent more in February than they were a year ago, according to the USDA. Prices for milk and other dairy products jumped 13 percent; chicken and other poultry increased nearly 7 percent.
USAgNet - 04/22/2008
The United States is wrestling with the worst food inflation in 17 years, and analysts expect new data to show it's getting worse. U.S. food prices rose 4 percent in 2007, compared with an average 2.5 percent annual rise for the last 15 years, according to the U.S. Department of Agriculture (USDA). The agency says 2008 could be worse, with a rise of as much as 4.5 percent.
The Department of Labor report released on Wednesday shows the U.S. Consumer Price Index rose at a 4 percent annual rate in the first three months of the year, up from last year's overall rise of 2.8 percent.
U.S. households still spend a smaller chunk of their income for foods than in any other country -- 7.2 percent in 2006, according to the USDA. By contrast, the figure was 22 percent in Poland and more than 40 percent in Egypt and Vietnam.
Still, the higher U.S. prices seem eye-popping after years of low inflation. Eggs cost 25 percent more in February than they were a year ago, according to the USDA. Prices for milk and other dairy products jumped 13 percent; chicken and other poultry increased nearly 7 percent.
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