News Summary: Food price rises to come in 2013

AP News
Posted: Aug 01, 2012 1:42 PM

GRRR-OCERY ALERT: Drought has damaged much of the U.S. corn crop. As a result, the Agriculture Department expects grocery prices to rise between 3 percent and 4 percent next year, slightly more than usual.

BEEF UP: Beef prices are expected to spike by early next year as a result of smaller livestock herds and dwindling meat supplies. The USDA says the price hike will be among the biggest of any food item, up to 5 percent.

SPIKE-FREE: Fruit and vegetable prices are projected to rise only 2 percent to 3 percent. Produce is typically irrigated by farms and not as affected by drought conditions.