Gas prices, food prices make biggest jump in three years - KMSP-TV

Gas prices, food prices make biggest jump in three years

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MINNEAPOLIS (KMSP) -

Gas prices are flirting with $4 per gallon in the Twin Cities, and you're probably seeing higher prices for food too.

The producer price index, which measures price changes before they reach the consumer, increased 1.7 percent in August, according to U.S. Department of Labor statistics released Thursday.

A 13.6 percent rise in gas prices last month led to the biggest gain in three years in wholesale prices. Food prices are up 0.9 percent, led by increased prices for eggs and dairy.

The FOX 9 Gas Gauge shows Twin Cities gas prices currently average $3.97 – 10 cents higher than the national average. Gas is up almost 25 cents per gallon from August.

Find the lowest gas prices near you and see a map of the lowest gas prices in Minnesota at http://www.myfoxtwincities.com/category/233804/gas-gauge

The severe drought in the Midwest, where dry weather took its toll on corn and soybeans, may have begun to impact wholesale food prices in August. Higher corn prices lead to higher costs at the grocery store, with corn used in everything from cereal to soda to cosmetics.

But outside of the volatile food and gas categories, price gains were moderate.

Information from the Associated Press was used in this report

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