Last updated on September 6th, 2012 at 11:48 am
A shortage of poultry will drive up chicken prices for consumers, according to the recently released USDA Agricultural Projections to 2021 report and featured in the February issue of Food Nutrition & Science.
The USDA predicts a decline in this year’s poultry supply will drive up prices, however, the report suggests it’s temporary, and in 2013 poultry supplies will increase. According to the report, the supply of beef also will decline for the next two years, but in 2017 there could be a record level of supply and prices could fall.
“U.S. retail food prices rose faster than the general inflation rate in 2011 and are projected to do so again in 2012,” says Phil Lempert, founder of Food Nutrition & Science and CEO of The Lempert Report and SupermarketGuru.com. “The good news is prices for major crops such as corn are projected to decline in the short term as global production responds to recent high prices. This will help consumers’ wallets.”