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Cost of Oil Forcing Rise in Food Prices

Cost of Oil Forcing Rise in Food Prices

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(KSL News) -- We have already heard that it is going to cost more to heat your home this winter partly because of the summer hurricanes.

Now the cost of putting food on your table is going up as well.

Kraft Foods Inc, the nation's largest food maker has announced it's raising the price of products like Oscar Meyer lunch meats and Capri Sun juice pouches by an average of 3.9%. Hershey says the cost of it's candy will go up by 1%. Other packaged food makers are expected to follow.

Eric Katzman, Deutsche Bank: “The rising cost of oil is forcing the companies to deal with the higher cost to manufacture, the higher cost to transport, and the higher cost to package...”

Experts say you are going to see a four to five percent price increase in your grocery bill starting sometime in January.

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