Abstract
Many consumers remember the wild food price fluctuations in 1973 and 1974, when prices climbed almost 15% each year. Several factors led to the sharp increases: high energy prices, a high general inflation rate, and reduced supplies of domestically produced corn and wheat. When tight grain supplies and record-high wheat prices occurred in 1996, some analysts automatically forecasted significantly larger increases in overall food prices. But today's food price situation is very different from the 197374 period, so a spike in food prices due to tight supplies did not occur in 1996 and is not expected in the following years. Overall food prices rose a modest 3.3% in 1996, continuing the fairly stable trend of 3% annual increases since 1992.
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