Consumer Watch: Iran War Could Threaten Food Prices
Grocery bills are on the rise and experts warn that they could increase even more due to global tensions involving Iran. The US Department of Agriculture says that now a family of four spends $1,000 to $1,600 per month on food.
Missouri farmer Kevin Mainord says that rising input costs are putting pressure on producers. Fertilizer prices are tied to energy costs, which have spiked due to disruption in global oil supplies. The conflict has also caused diesel gas prices to go above $5 per gallon. This has made it more expensive to use farming equipment.
Farmers say they may have no choice but to pass on higher prices to consumers. This means that there will be higher prices at the grocery store.
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