Soaring food prices force consumers to be frugal

01/2/2008 | Wall Street Journal, The

U.S. consumers are starting to feel the effects of the largest jump in food prices in 17 years. Supermarket companies such as Kroger Co. and Safeway have raised prices but say they haven't seen a negative impact on sales, while Wal-Mart Stores is reporting a strong grocery business. Restaurants have to be careful about raising menu prices because consumers are cutting back on dining out. Burger King Corp. raised prices 1% in July, and McDonald's Corp. reported in October that it had raised prices about 3.5% during the previous year and will continue to adjust based on supplier costs.

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