Food Inflation May Reach 28-Year High

U.S. food inflation may accelerate at the fastest pace since 1980, due to rising meat, dairy, cooking oil and produce products, the government reported.

Bloomberg.com reported that food prices have increased as much as 6 percent and the USDA said prices my continue to increase as much as 14 percent for fats and oils, 9 percent for dairy, 5.5 for fish and seafood, 6 percent for fruits and veggies and 3.5 percent for beef.

The cause behind price gains is an increase in production costs as producers are being forced to spend more on energy and livestock feed.

Meat, Dairy May Push Food Inflation to 28-Year High

Source: Bloomberg.com