Increase in food prices? Here’s why

According to Chicago Methods reporter Michael T. de los Reyes, in his article ” Food may take a bigger bite out of your budget”, food prices are on the rise, as you may have noticed. Here’s why:
clipped from www.methodsreporter.com

Since late 2007 food company CEOs have mentioned “aggressive pricing” as part of their strategy for 2008. During the Feb. 19 conference of the Consumer Analyst Group of New York, Kraft Foods Inc., announced a 7 percent increase in its prices; Sara Lee Co. Inc., repeatedly mentioned “pricing the product to market”; and Archer Daniels Midland Co. was sarcastically named “the bad guy” for the sustained leap in prices of corn and wheat.

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