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Prices for food and gas could soon fall |
October 05, 2011
Consumers may catch a break on the price of gasoline and baked goods and sweets as the Thanksgiving-Christmas season approaches, thanks to a sudden tumble in worldwide commodity markets. The consumer price outlook has brightened, in part, because commodity speculators have fled the energy and grain markets in the face of fears of a global recession triggered by the European debt crisis, says Tomm Pfitzenmaier of Summit Commodity Brokerage. The price of regular gasoline dropped Tuesday to a national average of $3.41 a gallon. It is down about 15% since peaking in May near $4 a gallon. The Department of Energy forecasts gas prices won't rise sharply until spring. Crude oil has fallen from more than $100 a barrel just before Memorial Day to less than $76 Tuesday. Flour prices have risen more than 50% this year, according to Jeremy Reichart, vice president of Orchestrate Management, which operates several restaurants and a food market in Des Moines. But they should...
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