Consumers can expect to see bigger grocery bills in 2012, as weather problems have taken a toll on corn, soybean and wheat crops in the United States. According to a recent report from the U.S. Department of Agriculture, grocery store prices likely will rise 3 to 4 percent in 2012, with the sharpest increase coming early in the year.
A mixture of heat, drought and flooding have lowered yield forecasts for each crop and driven prices up, with further pressure coming from increased global demand.
Futures prices for corn, soybeans and wheat jumped on Aug. 11, which commodities experts said would lead to higher prices for manufacturers and consumers, according to the Wall Street Journal.