Saturday, August 7, 2010

Time to stock up

Hold on to your wallet: A string of bad weather conditions means we'll see higher prices at the grocery store.

According to AOL's Daily Finance:

Russia predicts that its record-breaking heat wave will slash its wheat crop by half, and has suspended wheat exports. That's sent wheat prices up 45% on the commodities market, and experts are predicting a 2% to 4% jump in the price of flour, pasta and bread.

And if wheat supplies fall, that raises demand -- and prices -- for corn and soybeans, experts say. The result could be higher prices for meats, since both corn and soybeans are used for animal feed.

Heavy rains and bad harvests in Columbia have pushed up the price of coffee. Kraft has boosted Maxwell House prices by 10%. Smuckers, which distributes Folgers, Dunkin' Donuts and Millstone, has raised prices 9%. That follows a 4% price hike in May.

The full story

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