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Published August 25, 2014, 10:28 AM

USDA raises 2014 beef, pork retail prices on drought, disease

Retail prices for many U.S. meats, already at record highs, continue to increase on a combination of drought and disease, the U.S. Department of Agriculture said on Monday.

By: Reuters,

WASHINGTON — Retail prices for many U.S. meats, already at record highs, continue to increase on a combination of drought and disease, the U.S. Department of Agriculture said on Monday.

The agency now forecasts pork prices to rise by 6.5 to 7.5 percent in 2014 and by another 3 to 4 percent next year. Beef and veal prices will rise a similar amount in 2014.

Overall U.S. food inflation will be 2.5 to 3.5 percent in 2014, in line with historical norms, and a slightly lower 2 to 3 percent in 2015, USDA said.

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