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Thursday
Feb102011

Food Prices on the Rise

Photo Courtesy - Getty Images(NEW YORK) -- Consumers may soon pay more for many products, as prices of corn, soybeans, wheat and other basic foods are soaring due to a shortage.

When the price of corn goes up, meat may cost more becaue corn is used to feed cattle hogs and chickens. 

Cereal makers are being squeezed as well, as more price hikes for breakfast cereal and many other popular foods are almost certain.

A severe drought in China could also push basic food prices even higher. 

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