As the Midwest goes through its worst drought since 1956, corn prices are approaching the record highs of last summer, according to SmartMoney.
Corn is used in 75 percent of supermarket products, meaning the rising cost of corn could cost Americans more at the grocery store, according to the article. But price jumps are likely to be small.
"A 50-percent increase in the price of corn tends to raise total shopping bills by about 1 percent," Ricky Volpe, a research economist with the U.S. Department of Agriculture, told SmartMoney. The price of corn has gone up by 45 percent this summer.
For foods affected by corn's price jump, prices should start to rise in approximately two months, Volpe told SmartMoney. Eggs and dairy will be the first items to see the increase, then meats starting with chicken, leading to beef.
- The wrath of Comic-Con: S.L. convention...
- BYU grad strikes gold teaching via online...
- Dave Ramsey says: Don't touch that 529 plan
- Utah Transit Authority eyeing electric bus...
- Dave Ramsey says: Don't leave an estate with...
- Healing souls, healing a mountain
- Balancing act: First 'real' job teaches...
- San Diego Comic-Con tells Salt Lake...
- Fast food workers vow civil disobedience 15
- San Diego Comic-Con tells Salt Lake... 12
- BYU grad strikes gold teaching via... 12
- Dave Ramsey says: Don't leave an estate... 11
- Sarah Palin launches online... 9
- Does getting married really increase... 8
- The wrath of Comic-Con: S.L. convention... 8
- Utah Transit Authority eyeing electric... 4