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What the drought will cost a family in 2013
Story Date: 9/10/2012
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Source: Lisa M. Keefe, MEATINGPLACE, 9/7/12
This summer’s drought will cost a family of four $351.12 more in food costs in 2013 — about $6.75 a week — according to calculations by The Food Institute.
The Upper Saddle River, N.J.-based provider of food industry information calculated the actual financial effect of the drought. Determining that food-at-home spending will increase about $4 a week, and away-from-home spending by about $2.50, The Food Institute said in a news release.
Most of the increase will be seen at meat counters, where annual costs are seen rising about $44 next year for a family of four, and about $30 for a two-person household, according to The Food Institute's estimates. Beef costs would account for nearly one-third of that increase.
Fresh produce prices will add another $23.44 to a family's grocery bill next year, but processed fruit and vegetable expenditures should go up only about $11.
However, as is always the case with food, these spending projections could vary as substitutions are made in one category or another. Consumers could opt to spend more on canned and frozen products to offset higher prices for fresh; or buy poultry instead of higher-priced beef. Other discounts offered by manufacturers and retailers, including coupons could affect expenditures as well.
The organization calculated the costs, using the USDA’s latest food price projections for 2013. The Food Institute’s estimates are only slightly more than the 2.5 percent to 3.5 percent increase projected by USDA for all of 2012.
For more stories, go to http://www.meatingplace.com/.
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