MB: There has been much talk between economists of how the recession will effect prices for basic consumer needs, such as cloths, housing, transportation, and food. As 2010 approaches an onslaught of economic reports and indicators projecting the future of markets continue to be released. One such report from the US Department of Agriculture on Nov. 25 forecasts 3 to 4 percent food inflation next year, up from an estimated 1.5 to 2.5 percent in 2009.
Throughout the recession we have seen people around the world cutting back on expenses in new and unique ways. In a previous post it was indicated that in 2009 many Americans turned to farming their own foods to minimize the effects that food inflation had on their income.
According to Michael Swanson, a senior economist at Wells Fargo & Co., the rising milk, beef, pork and chicken prices will double the pace of US food inflation in 2010 as livestock supplies shrink and rebounding economics boost demand.
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