US poultry meat and egg prices climbing
Consumers in the US are warned to be prepared to fork out more for food due to higher-priced groceries, including poultry meat and eggs.
US retail chicken prices in January were up 10% compared with 2007, and US eggs have gained more than 30%, according to the Bureau of Labour statistics.
Many analysts expect consumers to keep paying more for food, Dallas News reports. Wholesale food prices – an indicator of where supermarket prices are headed – rose last month at the fastest rate since 2003, with egg prices jumping 60% from a year ago, according to the Department.
Corn, a key foodstuff for farm animals, has sky-rocketed as ethanol demand has sharply increased. Corn prices have more than doubled over two years, and soybeans nearly tripled. This means that poultry producers pay more to feed their birds, which also has an effect on the price consumers pay for poultry products.
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