The latest Consumer Price Index shows exactly why consumers are cringing in the grocery store.
The following is portion of an article from Drovers CattleNetwork:
by John Maday, Managing Editor, Drovers CattleNetwork
The latest Consumer Price Index (CPI) for Food, released by USDA on August 25, shows large increases in retail beef and pork prices this year, with eggs and milk not far behind.
For beef, the report shows a 26.5 percent increase in year-over-year prices from July 2013 through July 2014. For this calendar year, the Index projects beef prices to average 10 to 11 percent higher than those in 2013. For 2015 the index projects a smaller increase in beef prices of 3 to 4 percent.
Pork prices are up by 28.4 percent 26.5 percent year-over-year from July 2013 through July 2014, and USDA also projects a 10 to 11 percent increase for the 2014 calendar year, with another 4 to 5 percent increase next year.
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Source: Drovers CattleNetwork
Posted by Haylie Shipp