Dive Summary:

• The United States Department of Agriculture (USDA) has warned the public that this summer's drought will likely raise food prices through the end of 2013 by about 1%.
• In the short term, meat prices may actually go down because farmers are culling their herds because of how expensive and scarce feed has become.
• This, however, will eventually lead to a shortening supply and higher prices after a couple of months, especially in the poultry, pork and beef markets. 

From the article:

Related news: USDA predicts strong food price inflation as drought continuesWhite House responds to 'historic' drought with $30m disaster aidUS corn yields per acre predicted to be lowest since 1995, warns USDAWhile the cost inflation situation has eased recently eased for many food manufacturers, summer drought conditions are widely expected to put renewed pressure on food prices in 2013. But how much could prices go up, and when will price rises kick in at the shelf?Drought could increase retail prices for beef, pork, poultry, and dairy products first  The US Department of Agr...