May 19, 2013
This summer's drought could be tougher on more than your lawn. It could also drain your pocketbook.
With the drought, some foods won't be as readily available at the local markets like corn and soy beans.
It all comes down to supply and demand so naturally with a smaller supply, demand and then prices will be higher.
For the most part farmers that rely on irrigation system should be okay like vegetable and fruit farmers.
“The heat and the humidity has caused a lot of our tomatoes to crack, and then they are not sellable, we are probably at 30 percent this past week that are cracked,” said Jack Hovenkamp, Farmer’s Market vendor.
According to a Purdue Agriculture Extension study, price hikes could be expected for bread, pastas, cereals and cooking oils.
The study says ultimately consumers could see an increase in food prices around 3 percent next year.
