Consumers will be paying higher prices for food this year because the drought that affected much of the U.S. last year is continuing, according to CNBC news.
“The drought will have a significant impact on prices, especially beef, pork and chicken,” Ernie Gross, an economic professor at Creighton University and who studies farming issues, told CNBC.
“Forecasts are for a four percent (price) increase in food this year, but I think that’s on the low side if the drought continues,” Gross said. “Food prices will likely be going up much more than the forecast.”
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