Meat, Seafood Prices Rising Due to Widespread Drought and Disease: USDA

by Ros Krasny | Reuters | July 25, 2014

Wholesale beef prices forecast to jump by 8 percent to 9 percent on the year


Overall U.S. food inflation will remain near the historic norm in 2014, even as prices for meat and seafood are pushed higher by disease and widespread drought, the U.S. Department of Agriculture said on Friday.

USDA said wholesale pork prices will jump by 10 percent to 11 percent in 2014, hurt by declining supplies after a virus has killed millions of piglets in the past year.

Wholesale beef prices, meanwhile, are forecast to jump by 8 percent to 9 percent on the year.

Food inflation, which includes items bought in grocery stores as well as in restaurants, will rise by 2.5 percent to 3.5 percent this year and subside to 2 percent to 3 percent in 2015, the USDA said in its first forecast for the new year.

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