Food prices jump to 30-year high - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

Food prices jump to 30-year high

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WASHINGTON (NBC) - New numbers from the Labor Department showed the biggest jump in food prices since 1974.

Numbers released by the U.S. Labor Department Wednesday show food prices sky-rocketing in February by 3.9 percent. Contributing factors includeD fuel prices, unrest in the Middle East and rising food costs brought on by severe weather and crop shortages in Florida and abroad.

It adds up to bad news for you, food wholesalers and your favorite restaurant.

"Ninety-nine percent of the products we use have gone up double, and some triple," said George Gregory, a restaurant owner Charlotte, NC.

He has not raised his menu prices in three years.

"We are trying to stay loyal to our customers, and it would be great if the gas companies would stay loyal to their customers and not go up so much," Gregory said.

Do not expect that to happen anytime soon. Many experts believe Americans will continue to pay more for essentials like groceries and gas through the end of 2011.

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