DALLAS — For cash-strapped consumers already beset by higher gasoline prices and escalating mortgage rates, the hits just keep on coming. This time, it's food.
This year is expected to go on record as having one of the largest increases in food prices since 1990 — a jump of 4 percent, according to USDA economists. And 2008 will bring an additional rise of at least 3 percent, according to the USDA forecast. Both rates are substantially higher than the 2.4 percent gains seen each year in 2005 and 2006 and the 1.8 percent rise in 2002.
Meanwhile, the Energy Information Administration forecasts a 17.7 percent jump in crude-oil prices next year, with a corresponding 10.7 percent boost in the price of a gallon of regular gasoline.
So just driving to the grocery will cost more.