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Gas and food prices: Oh my! | News

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Gas and food prices: Oh my!
Gas and food prices: Oh my!

Get ready for what could be another round of higher prices on everything from gasoline to groceries.

The rising cost of crude oil coupled with crop failures are expected to have a ripple effect on the economy.

It was President Harry Truman who said "the buck stops here." He just as easily could have been talking about the American consumer because sooner or later when it comes to price increases -- the buck stops with us.

Robin Paige lives in Kendal, Orleans County but she was shopping at the Chili-Paul Wegmans today while visiting relatives in the area.  “It's hard on one income. Nowadays with one check, okay, I have $100 but I have to put food on the table and buy gas.”

Paige says her family relies on canning vegetables from the garden. “We try to make it so our garden lasts through the winter”

Shoppers are bracing for the impact of rising wholesale prices for food and energy to show up at the consumer level.

Jo Natale of Wegmans said, “Costs are rising, commodity prices are up. Wheat, corn, soybeans and fuel costs are up.”

Those commodities affect the price of bread -- and meat -- as the cost of animal feed also goes up. Natale says Wegmans is not raising prices at this time, but is watching wholesale prices closely. “The biggest influence for us on retail prices is our desire, our commitment to being the lowest price in the market, especially on those items that families buy every week.”

But some people will look to save in other areas -- not at the dinner table. Rita Tufano said, “I still cook a meal every night for dinner even though it's just my husband and me. The kids are out of the house. So that's the last place I like to skimp. So I would cut out other places if I need to, clothing, whatever.”

A few years ago, prices jumped. At that time, Wegmans put out signs at certain places in the store to explain why prices for bread and other items were up. So far, no need to put those signs up yet.

Wegmans says anything factor in this is the amount of corn being diverted for ethanol production.

News 10NBC reached out to Tops Friendly Markets today but didn’t hear back.

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