Outlook 2009:
Food-At-Home Prices Seen Climbing 2.5%-3.5% This Year
In 2009, the Consumer Price Index (CPI) for all food is projected to increase 3.0% to 4.0% reported USDA, as lower commodity and energy costs combine with weaker domestic and global economies to pull inflation down from 2008 levels. If commodity food and energy costs remain below 2008 levels, pressure on retail food prices will subside, and this could result in low-to-moderate food price inflation in 2009. Food-at-home prices are forecast to increase 2.5% to 3.5%, while food-away-from-home prices are forecast to increase 3.5% to 4.5% in 2009. The all-food CPI increased 5.5% between 2007 and 2008, the highest annual increase since 1990. Food-at-home prices, led by fats and oil prices (up 13.8%) and cereals and bakery product prices (up 10.2%), increased 6.4%, while food-away-from-home prices rose 4.4% in 2008..
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