Food Prices Up 1% In July

The Labor Department’s Consumer Price Index shows retail food prices taking a big jump, up 1%, in July. 

Meat product prices were up 1% in July while fruits and vegetable prices were up nearly 1% as well.  USDA said it expects an increase of 4% or 5% over the course of next year.

USDA economist Ephraim Leibtag said, “The report doesn’t change too much my view on 2009, the longer term. But the shorter term forecast probably means a little bit higher inflation than we would have expected two or three months ago.”