Food Prices May Rise in 60-90 Days as Diesel and Fertilizer Costs Climb

1 articles · Updated · WJON News · Jun 3

King Banaian said grocery prices could increase within 60-90 days as farmers absorb higher spring costs for diesel fuel and fertilizer.
Corn-linked foods are among the products most exposed, with petroleum products and plastics also likely to feel the cost pressure from pricier farm inputs.
Banaian said the hit to household budgets could outweigh recent gas-price moves because food takes a larger share of monthly spending for many consumers.
Gas prices have edged down in recent weeks, but he said any relief from a U.S.-Iran deal would come slowly as production and distribution recover.
The economist also pointed to a weak-looking labor market despite low local unemployment, saying businesses are largely neither hiring nor firing and workers feel less secure.