Food Inflation Levels Off

Rapid food-cost inflation could subside shortly, but high energy prices will continue to challenge retailers and consumers, Steve Wieting, an economist for Citibank, said in a conference call last week. Wieting noted that weekly commodity prices for items like wheat, beef, chicken, corn and soybeans are either at or below their peak levels, pointing to a diminished pace of future inflation,

NEW YORK — Rapid food-cost inflation could subside shortly, but high energy prices will continue to challenge retailers and consumers, Steve Wieting, an economist for Citibank, said in a conference call last week.

Wieting noted that weekly commodity prices for items like wheat, beef, chicken, corn and soybeans are either at or below their peak levels, “pointing to a diminished pace of future inflation,” which he estimated to be around 5% for food overall this year.

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TAGS: Meat