U.S. News: How the Drought Will Affect Consumers (and What You Can Do About It)

July 26, 2012

According to experts, the drought hitting the U.S. this year is the worst since the 1950s. More than 60 percent of the country is experiencing drought conditions. And, while the brunt of the damage will be borne by farmers, all consumers will be affected.

Corn-growing areas have been hit especially hard. The result is that corn prices are at an all-time high, around $8 per bushel. Soybean products are also reaching high prices.

Consumers will be affected in three ways: at the grocery store, at the gas pump, and in their electric bills.