It might be down the line before the Midwest drought hits our grocery budgets, according to Wisconsin Farm Bureau Federation spokesman Casey Langan.
Langan says he’s seen media reports which claim the drought may be reflected by prices on store shelves next week but “that’s not the case.” He says increased food costs, resulting from the dry conditions, may not show up until next year, especially in beef prices as farmers sell off herds because feed is getting too expensive.
Langan calls the Farm Bureau Federation’s latest quarterly report on food prices “uneventful,” with prices moderating due to the stabilization of energy costs. The group says survey prices confirm the theory that retail food prices are moderating in comparison to more volatile prices in 2009 and 2010.