Grab a coupon book: Wall Street drives food prices up - WALB.com News, Weather and Sports for Albany, Valdosta and Thomasville. Leading the way for South Georgia.
NEW YORK, NY (CNN) - Wall Street is driving up the prices of food, so you may want to start clipping coupons to save where you can.
Over the past few months, Folgers, Dunkin' Donuts, and Millstone raised their coffee prices by an average of 9 percent. Starbucks also raised prices on its "labor-intensive" drinks, which include lattes and frappuccinos.
And the rising costs don't stop with coffee. The sticker price on Sara Lee's bread and deli meat is also going up, and General Mills will be raising prices on some of its cereals and baked goods in the coming months.
All of the companies blamed higher commodity costs, or the cost of the raw materials that go into the finished food product. For example, coffee is trading at a 13-year high, up about 40 percent over last year.
It's a similar story with corn, which is also up 40 percent. Corn is used in everything from soda to cereal and animal feed to ethanol.
There are fears that corn and coffee crops will be smaller, so investors are sending prices up as a way to hedge against inflation.