Archive for May, 2008

Demand, biofuels will keep food prices high, agency says

Soaring world food prices might dip in coming months, but steadily rising demand means higher food costs are probably here to stay over the coming decade. That could fuel growing hunger and unrest in the world’s poorest and most vulnerable nations, a United Nations agency reported Thursday.

Such price boosts are largely the result of increased demand for food from developing countries such as China and India, as well as from the growing production of biofuels in response to record oil costs.


Demand, biofuels will keep food prices high, agency says

Pizza Hut turns 50 in tough time for the industry

It is a tough time for pizza makers, who are strapped by rising cheese and flour costs and consumers who have been pinched by a sluggish economy.

Last year, Pizza Hut Inc. closed more U.S. restaurants than it opened, which it attributes to such factors as leases ending and restaurants being sold.

Analysts say Pizza Hut was due for an overhaul the new menu may help it through a rough time for the industry.

The chain known for its red-roofed restaurants is now updating its look, with plasma TVs, sports bars and local sports memorabilia. It’s also rolling out tubs of baked pasta and piles of fried chicken wings to go with its famous pizzas.

Pizza Hut turns 50 in tough time for the industry

World food prices will remain high

 

World food prices are set to fall from current peaks in the coming years but will remain “substantially above” average levels from the past decade, a report said Thursday.

High oil prices, changing diets, urbanization, expanding populations, flawed trade policies, extreme weather, growth in biofuel production and speculation have sent food prices soaring worldwide, trigging protests from Africa to Asia and raising fears that millions more will suffer malnutrition.

World food prices will remain high

Cash-squeezed customers searching for food bargains drive Costco’s 3rd-quarter results higher

 

SEATTLE (AP) – Costco Wholesale Corp. reported a 32 percent jump in its fiscal third-quarter profit Thursday, topping Wall Street expectations, as cash-squeezed customers flocked to its warehouse clubs in search of bargains on food and toiletries.

Sales increased 13 percent to $16.26 billion from $14.34 billion in the year-ago period. Including membership fees, revenue rose to $16.61 billion from $14.66 billion.

Cash-squeezed customers searching for food bargains drive Costco’s 3rd-quarter results higher

Spam: Sales rise as consumers trim food costs

Sales of Spam — that much maligned meat — are rising as consumers are turning more to lunch meats and other lower-cost foods to extend their already stretched food budgets.

Spam’s maker, Hormel Foods Corp., reported last week that it saw strong sales of Spam in the second quarter, helping push up its profits 14 percent. According to sales information coming from Hormel, provided by The Nielsen Co., Spam sales were up 10.6 percent in the 12-week period ending May 3, compared to last year. In the last 24 weeks, sales were up nearly 9 percent.

Spam: Sales rise as consumers trim food costs

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