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The Wall Street Journal reports that the US Department of Agriculture (USDA) is saying that the "record-setting drought scorching the Midwest" is likely to result in food price increases of three to four percent next year, with poultry, beef and milk prices "expected to rise more quickly than historical averages."

However, the story notes, "Food prices these days represent a relatively small slice of consumers' daily living expenses—about 14%. And a drop in energy prices in recent months has brought overall inflation down. That means the price increases might not have a major effect on growth."
KC's View:
Good thing that global warming is a myth. Because if it were real, we'd be screwed.

BTW...Congress is expected to take up the issue of drought relief at some point. But since this is an election year, and politicians seem temperamentally unable to agree on anything anyway, if I were a farmer I wouldn't count on any help from Washington.