Posted by: Brodie Jerrems in Bank Rates on August 27th, 2010
A new report from the Department of Agriculture revealed that coffee prices hit their highest level in 13 years this week, which could break the hearts of many die-hard coffee lovers. Meat lovers may have to share in this sadness, too, since cattle prices have also seen significant increases since the beginning of July. With both prices rising fast, investors and consumers alike are wondering, how expensive can food get?
Coffee and Cattle Prices Jump
According to the Department of Agriculture, coffee futures (the contract price for coffee that will be sold at a later date) jumped to $1.88 a pound this week. This is the highest level in nearly 13 years. In total, prices have climbed 34 percent this year so far.
Cattle futures haven’t had much more luck.