date:Jun 02, 2012
ease by 3.5-4.5% in 2012, with beef and veal prices rising by 4-5%, pork by 3-4% and poultry by 3-4%.
Food prices surged in the final quarter of 2011 with the food-at-home Consumer Price Index (CPI) increasing by more than expected to 4.8% in 2011. According to ERS, price increases will fall in 2012 to between 2.5-3.5% assuming normal weather conditions and no shocks to the global commodities market which is within the historical average of 2.8% (1999-2011) for food-price inflation.