American Drought Sends Food Prices Soaring: How to Prepare

Ilona Biro

Filed under: Family Finances, Food & Drink, Saving, Shopping

This summer's drought in the United States is the worst in many decades. More than 25 states are in the grips of a full-blown agricultural disaster, with record-high temperatures and no significant rainfall. Crop failure rates are skyrocketing and have sent corn prices soaring - about 45 percent in the past two months. Wheat and soybean crops have also failed, which will mean that everything from bread to pasta to meat products that come from grain-fed animals - all will go up in price. Likewise any processed foods that contain corn syrup - a ubiquitous sweetener in thousands of grocery baked items.

Canadian consumers will soon feel the pain in the guise of higher food prices. According to Daily Finance, with the predicted 5% hike in food prices the average family of four could be paying up to $875 more for their food by the end of the year.

So with higher prices around the corner, how does the average person prepare? We've put together a gallery of 10 solid ideas for shaving hundreds of dollars off your food bill, helping you absorb the higher costs that are coming our way.