Food Institute News

Meat Price Projections Reduced For 2009; Lower Egg & Dairy Prices Seen

While USDA's projection for food-at-home and away from home for 2009 remained unchanged at 3.5% to 4.5%, some significant changes were made in specific categories. The largest of those changes are projections of lower egg and dairy prices for 2009, seen declining as much a 2% and 4% respectively on the heels of some very significant increases in 2008. Food Price Outlook

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The Food Institute's Article Index has been updated through Dec. 1, 2008! FI Members click here to search for articles that have appeared in the weekly Food Institute Report. Search by company or by subject.

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Industry News

Food-at-home prices dropped for the second consecutive month in December and were up 6.6% from a year earlier. This brought the annual inflation rate to 6.4%. Food away-from-home increased 0.3% for the month and was 5.0% above a year earlier last month, with an annual inflation rate of 4.4%. Both are more than the overall inflation rate for all items of 3.8% for 2008, according to exclusive Food Institute analysis.

International News

The European Commission plans to take WTO action against a U.S. decision to impose new tariffs on EU products covered by sanctions in a beef hormone disagreement, reported AFP.

Health News

People who increase their potassium intake and cut sodium can reduce their chances of developing cardiovascular disease, according to a study by the National Heart, Lung and Blood Institute. Diets that feature foods such as oranges, tomatoes, grapefruit, prunes and potatoes may help lower blood pressure, reported California Farm Bureau.

Washington News

Food producers will not be required to label meat, poultry or seafood as being sourced from genetically modified animals, according to a final guidance for industry on the regulation of genetically engineered (GE) animals under the new animal drug provisions of the Federal Food, Drug and Cosmetic Act. The guidance, The Regulation of Genetically Engineered Animals Containing Heritable rDNA Constructs, clarifies FDA's statutory and regulatory authority and provides recommendations to producers of GE animals to help them meet their obligations and responsibilities under the law.

Market News

In the long term, demand for fruits and vegetables is expected to increase due to growing health awareness and changing demographics, according to Rabobank's North American Food & Agribusiness Outlook. With consumers increasingly preparing meals at home, overall produce sales are on the rise, claims Rabobank Food & Agribusiness Research and Advisory Assistant VP Marieke de Rijke. However, in the short term, much of the growth will depend on the economy, which may temporarily lower demand for fresh-cut fruits and vegetables in favor of less expensive alternatives, such as canned and frozen produce.