Adjusted expectations

Millions of acres of flooded farm land in the Midwest could up food price inflation expectations to as much 9% this year, analysts said this morning. Food price inflation in 2007 was a touch over 4%. Fruits and vegetables haven't shown much upward price level at retail in recent weeks, however. The latest Consumer Price Index for May showed the index for fruits and vegetables, which increased 2% in April, was virtually unchanged in May. A 0.7% decline in the indexes for fresh fruits offset increases in the indexes for fresh vegetables and processed fruits and vegetables - up 0.5 and 0.4 % respectively. Higher fuel and fertilizer costs and lower expectations for Chiquita took a toll on both Chiquita and Fresh Del Monte yesterday.

Fruit falls from Chiquita's tree

Fresh Del Monte shares drop 20 percent