Bigger Grocery Bills
Rising food prices are hitting consumers, restaurants and grocery stores.
Americans may soon be in for a little sticker shock at the grocery store.
The prices of staples are up, and retailers are about to pass that on to you.
The cost of dairy, meat, eggs, wheat and even sugar have skyrocketed.
Some staples are up more than ten percent from last year, leaving food sellers weighing how much of the price increase they can eat, before passing it along to you.
Some major companies have already announced increases.
McDonald's, General Mills, Kellogg and Kraft have signaled they'll pass price hikes to consumers.
It's the same for some grocery stores.
"Right now our projections are 2-3 percent inflation overall meaning that for both restaurants
and grocery stores you'll see average of about 2 and a half percent higher prices," says USDA Senior Economist Ephraim Liebtag.
Other food companies are choosing to shrink package size as their costs grow, leaving consumers with less.
The causes of the price increases are global in scope.
Higher demand for meat in emerging markets like China and the collapse of the Russian grain crop have tightened supplies and pushed feed prices up.
Experts expect the biggest increases in proteins, things like meat, eggs and dairy, but they do say
Price hikes won't be as high as we saw back in 2008.