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News Mon Jun 04 2007
While gas prices climb to ever greater heights, the ripple effect has in fact hit food prices even worse. Across the board we’re paying an average of 3.7% more for food than we did last year (gasoline was up 2.8%), and the experts feel that increase might double by this year’s end according to a story in the Minneapolis-St. Paul Star Tribune.
Apparently the blame rests on a vague mix of fuel prices, bad weather and general inflation (that’s economics for ya). Predictions note that prices will cycle back down eventually like they did after a spike in the early 1990’s, but no one’s guessing exactly when. Meanwhile, what we pay for bread will likely soar well above the 6% rise we’ve already seen and the 18.6% extra we’ve already been paying for eggs could double.
The moral? Enjoy that omelet and toast brunch now ‘cuz next month, it might cost more than your electric bill.