Economy, Food Price | featured news

Rising food costs and higher rents offset a drop in gas prices last month, leaving consumer prices only slightly higher in October compared with the previous month.

Though severe drought conditions have raised the cost of food this summer, consumers may have seen the worst of the price impact at the grocery store. Higher food prices helped lift the closely watched Producer Price Index by 0.3 percent in July, the fastest pace in five months. At the same time retail sales rose 0.8 percent, the first increase in four months and well ahead of expectations, signaling that the sluggish economy may be picking up momentum.

Global alarm over a potential repeat of the 2008 food crisis escalated on Thursday after data showed food prices had jumped 6 percent last month and importers were snapping up a shriveled U.S. grain crop, helping drive corn prices to a new record.

The way Americans are chomping Big Macs, lacing up pricey sneakers and gulping peppermint mochas in this economy, you'd think they're taking advantage of big holiday discounts.

The price of food at home is projected to rise by 4 to 5 percent this year, and another 2 to 3 percent next year, according to the Agriculture Department. That’s adding another financial worry for many people already living with tight budgets thanks to the weak economy and high jobless rate.

Americans are finally getting some relief from high gas and food prices. Wholesale food prices fell last month by the most in nearly a year, and gas prices keep dropping after peaking in May. A separate survey suggests CEOs are feeling more optimistic and will hire more in the second half of this year.

Hunger was such a constant companion in Yao Qizhong's childhood that even now, at age 40, he'll stoop down to salvage a single clove of garlic that falls from his table at the Beijing market where he hawks fresh produce....

Wholesale prices surged last month at their fastest pace in just over 1-1/2 years due to higher energy costs and the steepest rise in food prices in 36 years.

French hopes for tough curbs on commodities speculation to tame soaring food prices look set to be thwarted as leading producer nations line up to oppose market interference.