In a report to clients on Monday night, Goldman Sachs projected the food-at-home category of the consumer price index will increase by another 5% to 6% this year.
The Wall Street bank cited a 6% jump in food commodity prices so far this year and"soaring costs" of some farming inputs, including a quintupling of some fertilizer prices.
"The stage has been set for further substantial increases in retail food prices this year," Goldman Sachs economists wrote in the report.Grocery prices in the consumer price index have already jumped by 11% over the past two years, the fastest pace since the financial crisis, the bank said. A perfect storm of bad weather, poor crop yields, tight inventories and strong demand have lifted food commodities nearly 40% over the past two years, Goldman Sachs said.
Food at home prices jumped by 6.5% in December from the year earlier, according to the Bureau of Labor Statistics. That's the biggest increase since December 2008 and it contributed to the hottest overall rate of inflation in 39 years. In December, there were large price spikes for meat , chicken , eggs and other items.
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