The Drought will Affect us for Years

Cattle herds are the smallest in two generations. The resulting spike in beef prices will cause Americans to eat less meat.

Your burger is about to get pricier

By Hibah Yousuf @CNNMoneyInvest July 18, 2012: 10:47 AM ET

 

If the Midwest drought lingers and the high cost of corn continues to weigh on farmers, consumers could face an increase as high as 10% for fresh protein at the grocery store.

By Kim Peterson 

The damage from this year's U.S. drought will be felt across America for years -- and may change the way we eat.

The immediate realities from the drought are these: Cattle herds are the smallest in 39 years and beef prices are at record levels, Bloomberg reports.

But the impact will last for a while. Fast-food chains are raising prices. Food could cost as much as 4% more next year, and beef prices may rise by 5% -- more than any other food group. The end result? The average American will likely eat less than 200 pounds of red meat and poultry next year. The last time that happened was in 1990.

The Rise of Food Prices

Beef won't be the only food affected. 

The ripple effect of the drought will mean price hikes on everyday products like chips and cereal, NBC's Janet Shamlian.

Date 8/15/12, Duration 1:38, Views 59200

http://money.msn.com/top-stocks/post.aspx?post=3e778bb2-3a8b-47e4-849d-4bd3b8ea90a4

Drought will increase food costs 3% to 4%, beef 4% to 5% in 2013

POSTED:   07/26/2012 01:00:00 AM MDT
UPDATED:   07/26/2012 02:17:42 AM MDT

By Steve Karnowski
The Associated Press

Read more:Drought will increase food costs 3% to 4%, beef 4% to 5% in 2013 - The Denver Posthttp://www.denverpost.com/headlines/ci_21159257#ixzz24VBLs9FI
Read The Denver Post's Terms of Use of its content: http://www.denverpost.com/termsofuse



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