Photo: Daniel Acker, Bloomberg
Get ready to pay more for your meals. The nation’s farmers are dealing with what Bloomberg describes as “a worst-in-a-generation drought” that will send food prices higher. States from the Midwest to the West Coast have experienced a severe lack of rain, leading to crop losses and price increases.
Shoppers already faced higher prices in 2011, but experts predict that prices will go even higher this year and next. The full impact of the lack of rain will come into sharper view in August and September.
Corn, soybean, and wheat crops have been pummeled, which, in turn, impacts the production of tons of other foods, including meat, cereal, and milk. And it’s not just the meals you’ll be making at home that will be affected. It’s expected that fast food prices will also go up as the prices for their ingredients also increase.
In the short term, we may actually see the price for meat decrease as farmers reduce the size of their herds to save money. But any price improvements will be short-lived.
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