Gas Groceries Going Up

News
Wednesday, February 16, 2011 - 9:53am

Price increases on food and fuel could soon hit your wallet.

According to the United Nations Food Price Index, the cost of putting food on the table has increased over the past seven months, peaking earlier this month at its highest level since record keeping began in 1990.

That means you'll likely pay more at the store very soon.

The rising prices are driven by many factors, including weather.

Experts say freezing temperatures in Florida, floods in Australia, drought and crop failure worldwide and increasing demand from China and India all play a role, along with market speculation.

Gasoline prices are spiking as well.

Analysts say the unrest in Egypt is sending crude oil prices climbing.

The national average price for a gallon of regular unleaded gasoline is slightly more than $3.12.
 

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