Drought links: Food prices projected to increase, economic impacts growing

July 24, 2012 Drought Monitor
Courtesy of http://droughtmonitor.unl.edu/

Food prices are expected to jump in 2013 following this summer’s drought.

The increase – expected to be 3 to 4 percent in 2013 on top of a projected 3.5 percent for this year – follows additional impacts from the drought, including an estimated $12 billion in economic losses, according to recent news reports.

Although some areas of the U.S. are getting rain, for many it’s too little, too late. About two-thirds of the U.S. is in drought and approximately 55 percent of the nation’s pastures and rangelands are in poor to very poor condition, according to the USDA.

Here is a roundup of the latest drought news:

July 24 Drought Monitor

Consumers likely to feel drought impact on food prices until 2013The Wall Street Journal

The drought’s footprint – The New York Times

Meat producers and, ultimately, consumers hurt by droughtNPR’s The Salt

Drought could cost $12 billion, most since 1988 – USA Today

Drought-hit corn overshadows good crops in Illinois – Reuters

Severe drought adds 76 countries to list of U.S. disaster areas – The Washington Post

USDA says drought will help fuel food price increases of 3 percent to 4 percent in 2013 – The Washington Post

For links to previous Neogen blog posts about the drought, click here.

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