Inflation Bumps Christmas Food Prices (VIDEO)

Food shoppers this holiday season in the US and UK will be watching their wallets as food price inflation picks up in the final months of 2010, just in time for Christmas.

Though the Consumer Price index was projected to rise only 0.5 to 1.5 percent in 2010, the USDA forecasts 2 to 3 percent increase in 2011, following accelerated inflation at the end of 2010.

Over Thanksgiving the price of a turkey was up more than 30 percent in the US over last year, according to CBS Money Watch. Pecans saw a dramatic 41 percent increase.

Greens, however, seem to be the way to go in the US, unlike some of the UK. Celery saw a 35 percent decrease, while the BBC reports brussel sprouts in the UK have risen by about 4 percent.

While food inflation in the US and the UK is evident, it's not as bad as China, which saw a 10 percent increase in just one year, as of October 2010, reports Money Watch.

The BBC details UK food inflation and what food shoppers are doing come Christmas below.

WATCH:

Comments

[womensvoices]

12:33 PM on 12/15/2010

Catherine Wood, the Chief Investment Officer - Global Thematic Portfolios for AllianceBernstein, a New York-based global asset management firm, also looked at food inflation (http://womensvoicesforchange.org/inflation-turkey-prices-hit-all-time-high.htm) - and explained how the odds of broad-based inflation has begun to rise.

[rikster]

06:27 PM on 12/14/2010

how convenient....

[Havana Thinks]

02:23 PM on 12/14/2010

What on earth is a gammon joint? Does it involve Willie Nelson or Snoop Dog?

[deweydecimal]

05:27 PM on 12/14/2010

Gammon is ham.

[Havana Thinks]

09:53 AM on 12/15/2010

Oh, like jamon in Spanish. ThankU, dewey.

[tompoe]

02:02 PM on 12/14/2010

Listening to that, I thought I was watching a Fox video. No mention that Wall Street had commoditized food pricing, and speculators were behind this crap.