July 29, 2014

ISU economist says now may be the time to stock up on meat

An Iowa State University economist says with the drought pushing up corn and soy beans prices, you can expect to pay more for food at the grocery store. Chad Hart says prices in 2013 could go up about 1 to 1.5% more than the normal.

 “It’s going to be distributed across the products that we buy at the grocery story. We’re likely to see more impact in the meats than we will in say the produce or the grain section of the grocery store,” Hart says. He recommends putting some beef in your freezer now before prices go up.

“It’s probably not a bad idea, and if you’re also one that consumes pork, buy some pork here during the fourth quarter. These will be some of the lowest pork prices that we’ll see,” Hart says. Hart says food prices normally go up about 2.5% each year, so you can tack that additional cost brought on by the drought problems to that increase.