FOOD PRICES PREDICTED TO INCREASE

Aug 10, 2012

By Michael Kramer

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Prepare to shell out more for what you eat next year.

The C-I-B-C says recent crop reports are pointing to an increase  in food prices of about four per cent.

Chief Economist, Avery Shenfeld, says higher food prices, coupled with higher energy costs, will translate into less money in your wallet.

Shenfeld says the drought in the U-S hit the corn and soybean crop hard and will bring overall higher food prices next year.

But he says the increases likely won’t be as bad as they were back in 2008 when crop yields were hit hard.

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