Cereal Prices About To Go Up
BOSTON (CBS) - Get ready to pay more for breakfast.
Despite the bumper crop of corn and other grains in the nation’s heartland, cereal prices are about to go up.
Poor growing weather in Russia and other parts of Asia have increased demand for imports of U.S.-grown grains.
“It’s a concern, yes. It’s a concern of mine,” said grocery shopper Tom Burns.
Consumers like Burns will soon see the jump in grain prices reflected in higher cereal prices.
General Mills said it expects to increase prices on about 25-percent of its cereal line by November 15th.
Kraft is expected to follow suit and pass along to consumers the higher ingredient costs.
“You come in here you, you know, you got a list, you got kids to feed … it’s really how they price it. It affects us, yes, but then what choice do we have?” said Burns.
While rising corn prices are beneficial to farmers who grow it, it’s bad when it comes time to use it to feed hogs, poultry and cattle.
And that’s sure to show up in the meat aisle of grocery stores as well.
Consumers can expect to be paying higher costs for poultry, pork and beef.
Consumes are already trying to adjust to higher prices for coffee. That spike is attributed to bad weather in some of the countries which export the most coffee beans.