Eating well in 2014 could get more expensive. Items such as chocolate, beef, bread and cereal are expected to experience price hikes in the new year.
According to a U.S. Department of Agriculture report, all food prices are expected to increase by 1.25% to 1.75% and food-at-home prices are predicted to increase by .75% to 1.25%.
A rise in wheat and wheat flour prices will lead to increases in prices on your favorite morning cereal or sliced bread.
Beef prices will continue to stay high for the next couple of years due to the amount of time it takes to prepare cattle for sale, and the need for pasture recovery.
And there’s especially bad news for chocoholics. CNBC reports that the rise in butter prices for chocolate producers will most likely translate to higher chocolate prices for consumers. Aalst Chocolate, a Singapore-based chocolate maker, told CNBC that it was forced to increase prices by 30% to 40% last year.
A 1% increase in fluid milk prices in late 2013 is expected to start an upward trend of dairy prices for the new year as well.
But the outlook isn’t completely dim. The price of bacon is finally falling. According to Bloomberg, a decrease in corn prices will allow pig farmers to start turning a profit. And pork belly prices have already dropped 23%.
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