Agricultural and Food Policy
 Agri Outlook
Radio
Number 136
Policy/Noteworthy: Part 3.
USDA
Long-Term Agricultural Projections - Key Results on U.S. consumer food
prices (1:36 minutes)
Audio/Video Script:
Dr. Bobby Coats
Extension Economist
University of Arkansas, Division of Agriculture
USDA’s long-term agricultural projections shows consumer food prices will
increase less than the general inflation rate. I’m Bobby Coats Extension
Economist University of Arkansas Division of Agriculture.
Key results on U.S. consumer food prices include:
USDA projects for most of the next ten years that consumer food prices will
increase less than the general inflation rate. USDA makes the point that
adjustments in retail prices due to higher energy and agricultural commodity
prices will lead to food price increases somewhat larger than general inflation
in 2008 and 2009.
USDA projects:
- First, relatively large price increases in 2008 for fats and oils and
for cereals and bakery products, reflecting higher prices for vegetable oils
and wheat.
- Second, consumer prices for red meats, poultry, and eggs exceed the
general inflation rate in 2009 as the livestock sector adjusts to higher
feed costs; and
- Third, consumer expenditures for food away from home continue to grow
in importance and account for more than half of overall food spending during
most of the projection period.
This has been Bobby Coats Extension Economist University of Arkansas Division
of Agriculture.
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