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GROCERY BILL Drought Sparks Spike in Food Prices Scott Olson / Getty Images

Drought Sparks Spike in Food Prices

The worst drought to plague the United States in almost 50 years is already taking a toll on crop yields and water preservation, and soon it will affect your grocery bill, too. The price of products like milk, beef, and pork will surge next year, the government said Wednesday, in response to severe heat that is eviscerating the corn crop and driving up the cost of feed. Poultry prices will go up immediately—an estimated 3.5 percent to 4.5 percent—because fowl grow the fastest and are the most impacted by higher feed prices. Consumers can expect higher prices to hit in November, agriculture economists say.

July 25, 2012 12:29 PM