Economics
Americans Are Set to See Mounting Food Costs After Producer Prices Surge
- Prices for grains, vegetables, cooking oils surged in March
- Higher food prices to weigh on consumers even as energy cools
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The cost of foods for final demand rose in March by the most in 10 months, indicating mounting grocery store bills for Americans in the coming months even as gasoline prices cool.
The producer price index report on Wednesday showed food costs climbed 2.4% from a month earlier, the largest increase since May. The jump was driven by bigger increases in prices for grains, vegetables, cooking oils and pork -- suggesting the closely watched consumer price index will soon reflect such advances.