AMARILLO, TEXAS -- What you pay for groceries could be going up. Cattle prices are rising, pushing up the cost of beef. Texas Cactus Feeders said supplies are smaller, there's a drought in Russia, and an appreciation of corn, wheat, and now pork and beef.
Mark Engler said inflation is inevitable and could be where it was back in 2008, when it rose to upwards of 10%.
"All this stimulus that has been going on is inflationary, uh, I think that everyone has to be aware that we could very well have a pretty good bought of inflation and hopefully we can have some administrative polices that will curtail it," said Engler, the Senior Vice President, from the Cactus Feeders.
We also spoke with economist Karr Ingham about inflation in grocery prices.
While he agrees prices are expected to increase, he said, he doesn't expect the prices to rise anywhere close to that much. The consumer price index dropped in 2008, and now it's catching up, so he expects a price increase of two or three percent.
