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Retail prices for many U.S. meats, already at record highs, continue to rise on a combination of drought and disease, but overall food cost increases remain near long-term averages, the U.S. Department of Agriculture said on Monday.
The agency now forecasts pork, beef and veal prices to rise by 6.5 to 7.5 percent in 2014, up from 5.5 to 6.5 percent forecast a month ago. The overall “meats, poultry and fish” category will rise by 4 to 5 percent.
Overall U.S. food inflation – items bought in grocery stores and in restaurants – will be 2.5 to 3.5 percent in 2014, in line with historical norms, and is expected to be slightly lower at 2 to 3 percent in 2015, the USDA said.