Drought likely to push up gas, food prices
Higher costs of food and fuel expected within months
The drought that has hit much of the nation, including parts of New England, is expected to drive up food and gasoline prices in the coming months, further squeezing cash-strapped US consumers, and rippling across the global economy. With nearly two-thirds of the nation in drought, the US Department of Agriculture recently slashed its estimates for corn and soybean production. Both are key crops in the US food production chain — used in livestock feed, oils, and sweeteners — so when their costs rise, so will prices for other foods.