US drought pushes thanksgiving turkey prices up
Us consumers can expect to see an increase in the cost of turkeys and other poultry related products in the run-up to thanksgiving as the summer drought takes its toll.
Poultry prices are 5.6% higher than prices last year, with chicken prices up 5.3% and other poultry prices, including turkey, up 6.9%, according to the latest Consumer Price Index figures. The poultry category is thought to be among the first to reflect price increases caused by the drought.
Forecasts suggest the biggest impact won’t be felt until next year, when the drought is expected to be felt on a wide range of foods from cereals to soups, the US Department of Agriculture’s Energy Research Services said.
The worst drought to hit the Midwest in decades drove up the price of feed corn and soybeans, which will impact animal-based products the end of this year and throughout 2013, according to a research economist.
