USDA: Poultry prices up, egg prices down in February
Overall food costs expected to rise 3% to 4% by end of year
According to the U.S. Department of Agriculture's latest report on the 2011 food price outlook, U.S. poultry prices rose slightly and egg prices dropped slightly in February when compared to the same time period in 2009.
Poultry prices increased 0.5% in February and are 2% above prices last year at this time, with chicken prices up 1.3% and other poultry prices, including turkey, up 5.1%. Egg prices decreased 1.9% in February, following a 1% drop in January. Due to two months of sharp increases in November and December 2010, egg prices are now just 0.1% above the February 2010 level.
Overall, the Consumer Price Index for all food is projected to increase 3% to 4% in 2011. According to the report, although food price inflation was relatively weak for most of 2009 and 2010, cost pressures on wholesale and retail food prices due to higher energy and food commodity prices, along with strengthening global food demand, have pushed inflation projections for 2011 upward.