Hike in food prices impacts Food Bank stock

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Updated: 1/14/2013 10:09 pm
You may have noticed an increase in food prices while at the grocery store.  Consumers are not the only ones taking a hit.  David Weaver of the South Plains Food Bank said they are getting less bang for their buck.  "Our budget is pretty much the same we're just not able to purchase as much.  And so that's where we're seeing the decline.  Also, we get USDA commodities through the TFAT program which purchases food and their buying power has diminished as food prices have gone up."

Eddie Owens, Director of Communications and Public Relations at United Super Market said "what our guests are able to afford to provide to the Food Bank through their donations or through their cash donations are certainly impacted by the rising cost of food."

Doing more with less is the only way the food bank will be able to take care of vulnerable residents in the Lubbock area.  Weaver adds "we're in the process of making plans to accommodate for some of those anticipated cuts and taking care of more people."

Several factors are driving the higher prices.  The drought had an effect on corn an wheat prices, which were driven up even more by fuel costs.  David Gibson of the Texas Corn Producers said "with increases that we've seen in petroleum prices and how that impacts electricity and all the other inputs that go into packaging and shipping and processing food has been part of the thing that's helped drive up some on our food prices.... I'd like to say food is going to get cheaper.  But I don't really see all of those other factors necessarily becoming cheaper."

The lack of progress on the farm bill front also has an effect on the cost of food while producers plan their next crop.
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