Food Prices Rise 0.7 Percent
February 29, 2008
February 29, 2007 - Food prices, which have been surging because of increased demand stemming from ethanol production, rose by 0.7 percent in January, the biggest monthly increase in three years, according to a Labor Department report released today. The spike was the largest monthly increase since October 2004.
Prices for beef, bakery products and eggs were all up sharply.
Overall, U.S. wholesale prices rose 1 percent in January, much higher than the forecasted .4-percent increase, as a result of the hiking food and energy costs.
Reprinted from the American Meat Institute
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