Skyrocketing Food Prices

Thursday, March 17, 2011 - 9:32am

New numbers from the Labor Department show the biggest jump in food prices since 1974.

Now it's official.

America is in fact paying more for essentials, especially food.

A variety of factors are to blame.

Numbers released by the U.S. Labor Department Wednesday show food prices sky-rocketing in February by 3.9 percent.

That's the biggest one month rise since 1974.

Contributing factors include fuel prices, unrest in the Middle East and rising food costs brought on by severe weather and crop shortages in Florida and abroad.

It adds up to bad news for you, food wholesalers and your favorite restaurant.

"Ninety nine percent of the products we use have gone up double and some triple," said George Gregory, who runs a popular eatery in Charlotte, North Carolina.

He hasn't raised his menu prices in three years.

"We are trying to stay loyal to our customers and it would be great if the gas companies would stay loyal to their customers and not go up so much,” said Gregory.

Don't expect that to happen anytime soon.

Many experts believe Americans will continue to pay more for essentials like groceries and gas through the end of this year.

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