Grain prices (among a couple other food stock commodities) have spiked upwards to their trading limits the last couple trading sessions. This upward spike in prices of these items is going to translate into higher prices for almost everything they are used in from bread (for obvious reasons) to meat because of the higher price of the corn used for feed.

I can attest personally to rising food prices. Last week I went shopping at the local Sam's Club to pick up a couple things. I hadn't been shopping there for about 2 months or so. The price on a mozzarella cheese loaf has gone from ~$9 to ~$11. Price of a 10lb. bag of chicken wings has gone from ~$14 to ~$19. The prices on most things haven't gone up that dramatically or at all but those were the two most noticeable things I've seen.