NASHVILLE, Tenn. - Prices keep going up. Lately, we've seen a big spike in gas prices,
and now your wallet could take a big hit at the grocery store.
Shoppers at Compton's Foodland love their store because of
the friendly people, fresh produce and good prices. But those prices are rising, and it's not
just at Foodland. Grocery prices
everywhere are skyrocketing at a rate not seen in 20 years.
"Some economists are predicting it's going to go up 15 to 20
percent," said Dr. Soumen Ghosh who teaches Finance at Tennessee State
University. "That's all areas including
milk and everything."
"It's going to hurt a lot," said shopper Jo Riggan. "I think it's going to cut back on things you
enjoy getting. The foods you need a lot
of, people are going to do without."
What's behind the price hike? One reason is in the produce section. Last summer's drought crippled the corn crop,
and that's created a ripple effect throughout the food chain. "The corn goes everywhere, from meat
producers to hogs, everywhere," said Dr. Ghosh.
Rising prices won't just affect people in Nashville, or just
the U.S., but all over the world. Some
kids at West End United Methodist Church will learn just how hard it hurts
through a unique program at the church that just started Friday.
Youth Minister Sean Williams had two tables set up for the
kids to see. "This table represents a
hungry child, a malnourished child, a starving child," said Williams as he
pointed to one table with a tiny bowl of rice. "This is the amount of rice that child would
eat in a week." The table also include a
tiny wristband that showed how small a malnourished child's arm would be, as
well as a small bucket that aimed to show how little that child would weigh.
The other table had a much larger bowl of rice to
demonstrate what amount would be needed for a healthy child and the tables were
in sharp contrast to each other. It's a comparison
that could get much worse as food prices go higher.
Most experts say the overall hike within the next year will
be about 10 percent. Besides the
drought, other price factors include higher production costs and improving