Friday, May 10 2013 5:45 PM EDT2013-05-10 21:45:06 GMT
The battle of generic verses brand name goes on! Today, we're testing tuna to find out which can has the best value. There's a lot of competition in world of canned tuna. I found three name brands - BumbleMore >>
The battle of generic verses brand name goes on! Today, we're testing tuna to find out which can has the best value.More >>
Friday, May 3 2013 5:27 PM EDT2013-05-03 21:27:16 GMT
NBC12 is on your side, helping you score the best deals on groceries. Last week, it was peaches. This week - green beans. I bought six different brands of green beans. Del Monte and Green Giant are nameMore >>
NBC12 is on your side, helping you score the best deals on groceries. Last week, it was peaches. This week - green beans.More >>
Thursday, May 2 2013 5:39 PM EDT2013-05-02 21:39:15 GMT
Summer heat could hit any day, so now's the time to figure out how you can cut costs on your power bill. Here is a list of the top five things in your house that are sucking dollars out of your wallet. 1.More >>
Summer heat could hit any day, so now's the time to figure out how you can cut costs on your power bill. Here is a list of the top five things in your house that are sucking dollars out of your wallet.More >>
Friday, April 26 2013 5:20 PM EDT2013-04-26 21:20:06 GMT
NBC12 goes the distance to find the real difference between name brand and generic products. Every time you're in the grocery store, you have to choose: buy the name brand and pay more or save with theMore >>
Every time you're in the grocery store, you have to choose: buy the name brand and pay more or save with the generic.More >>
Thursday, April 18 2013 5:52 PM EDT2013-04-18 21:52:41 GMT
Kevin Cutlip grows anything he wants to eat. Last month he showed you how to grow a seed in dryer lint. A month later, they have sprouted. He showed us the replanted celery base: "It's actually startingMore >>
Last month NBC12's Diva of Discounts dug up how to start a cheap garden indoors. Now it's time for outdoor planting. She's back with more tricks of the trade that will hardly cost you a thing.More >>
By Jennifer Warnick - bio | email Posted by Terry Alexander - email
RICHMOND, VA (WWBT) - Brace yourselves. In the next year, you may be surprised by what you have to pay for food. Agricultural commodity prices are rising and what's good for one crop might not be for another.
Drought and floods ruined many of the wheat crops, creating a ripple effect across the farming industry. It's Jonah Bowles' job to track these trends. He is an Agricultural Economist at the Va. Farm Bureau.
"Grain prices are going higher now because we have lowered our production estimates for this year, those higher prices are directly impacting the livestock industry that uses those grains for feeds," said Bowles.
That means possible prices hikes on beef and dairy products.
"But they have such a little impact on our overall food prices that we pay," he said.
When you start adding in fuel and labor costs and a staggering world economy, manufacturers can't take that kind of hit to their bottom line.
"When input costs go up the tendency is to increase the cost of the final good," Bowles explained.
The 2008 biodiesel boom skyrocketed the demand for corn and its price went up. With so much acreage devoted to corn, farmers grew less of other crops. The prices of those other crops went up to make up for smaller yields.
"So we are now under a new supply-demand scenario," Bowles said.
Some manufacturers found they could make the packages smaller to avoid raising prices.
"It doesn't take a very large change in size to cover added costs," Bowles stated.
At this point prices have leveled out, but they did so at a slightly higher rate. So any increase on the front end of production could be passed on to you, the consumer.