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Food prices in the U.S. this year are expected to increase between 3-4%, according to estimates from both the U.S. Department of Agriculture and the nation’s largest farm group.
A deal approved by the U.S. Congress to avoid the automatic tax hikes and spending cuts known as the "fiscal cliff" also includes measures to avert the "dairy cliff" -- a steep increase in milk prices.
Rising whey prices are part of the reason why the U.S. Department of Agriculture has boosted its estimate of Class III milk prices for the coming year.
Food prices may ease in 2012 due to a slowing global economy, though no drastic drop from high levels is expected, the new director-general of the U.N.'s Food and Agriculture Organization (FAO) said.
