July 21, 2008 5:58 PM
ABC News’ Charles Herman reports: Don’t expect lower prices in the grocery aisles any time soon.
Food prices are expected to rise 4.5 percent to 5 percent this year and then another 4 percent to 5 percent in 2009, according to a government forecast to be released this week from the Department of Agriculture’s Economic Research Service.
Egg prices will crack double-digit price increases of at least 13 percent this year. Baked goods and cereals will rise more than 9 percent. And food items, like peanut butter, salad dressing, butter and cooking oils will go up by as much as 12.5 percent, largely due to higher soy prices.
Higher prices for corn and soy and other crops, along with higher energy prices, are to blame.
Time to get the canner and dehydrator going. If you don’t have a garden, patronize your local farmer’s market.