Steep food price increases on way: experts

Steep food price increases on way: experts
Thu Nov 6, 2008 4:50pm EST

WASHINGTON (Reuters) - U.S. food prices will rise by at least 7 percent in 2009 because of higher feed costs for chickens, hogs and cattle, said a group of food-industry economists on Thursday.
It would be the third year in a row that food prices rose faster than the overall U.S. inflation rate. Food inflation is the highest since 1990.
"The sizable increase in the cost of producing food has not been fully passed on to the consumer," said private consultant Bill Lapp. He foresaw food inflation of 7 percent-9 percent in 2009.
During a teleconference, economists from the National Chicken Council and the consultancy Farm Econ said food inflation could be 7 percent-8 percent. The teleconference was arranged by a group of major foodmakers.....