Food prices climb further at grocery stores

``Shoppers paid 4% more for a basket of 16 food items at the supermarket in May compared to February, the American Farm Bureau Federation said Thursday in its latest informal survey.'' -- That's a 17% annualized rate of inflation, but don't tell Ben Bernanke...

On Thursday, J.M. Smucker, maker of Folgers coffee and Hungry Jack pancake mix, said its cost of products sold will jump 25% over the next 12 months...

"Further retail price increases are likely to be the new normal as we move through 2011, especially for meats," American Farm Bureau economist John Anderson said in a statement.

Based on first quarter reports, Kraft appeared to be the only major food company that was able to raise its prices enough to cover its commodities tab.