2009: The year of steep food price rises
Posted by msrb on November 7, 2008
Expect at least a 10-12 percent rise on your groceries bills in 2009!
Poultry, hog and cattle producers are thought to cut production in 2009 because of the rising feed costs. Less meat on the retail market would dictate higher prices.
Further loss of topsoil and erosion of crop acreage, weather-related production factors, higher global demands for food, rising commodity prices, production of biofuel and inflation will cause additional price rises in 2009.
Food inflation in 2007 rose to 4%, up from 2.4% in 2006, the highest annual increase since 1990. In 2008 the rise will have surpassed the 9% mark.
In 2006, world nations spent on average about 10% of their income on food, according to the U.S. Department of Agriculture. U.S. consumers spent the lowest proportion of about 5.8%.
MSRB projections show that the US shoppers proportion of income spent on food could rise to 7.6% (possibly to as much as 8.5%) in 2009.
Related Links:
- Food Crisis (Index Page)
Other Links:
PRO 
2009: A Year of More and Less « EDRO said
[…] colleagues at MSRB believe that poultry, hog and cattle producers would cut production in 2009 to soften the blow of rising feed costs. With less meat on the […]
C. Smith said
[You could confirm our findings in a number of ways. For example, try asking one of the other half –50 percent– of the world population who live on less than USD2.50 a day, how abundant their daily food supply is! Moderator. See also
http://www.globalissues.org/article/26/poverty-facts-and-stats ]