Consumers, particularly those who like a good steak, should get ready to pay more for it. Food prices are set to continue their upward climb in view of the drought conditions spreading across the Midwest.
The rising cost of soybeans and corn is leading to higher prices for meat, peanut butter and other staples.
According to money.cnn.com:
The price of ground beef could rise to about $2.88 per pound this year, a 4% jump from last year, when the average price per pound was $2.77, according to data from the U.S. Bureau of Labor Statistics and the U.S. Department of Agriculture. And if you want steak, get ready to pay 25 cents more per pound for sirloin, with the average price rising to $6.47.
Meat prices had already been trending upward, even before the drought. The price of sirloin steak rose more than 15% between June 2011 and June 2012, while ground beef rose more than 8% and chicken prices increased more than 6%, according to the BLS.
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