wheat price increase

Record heat in Russia is hurting its wheat crop, sending the grain's price soaring -- potentially affecting future bread and pasta costs. But it doesn't end there. For separate reasons, coffee and cocoa prices are also up. Get ready to pay more for food.

Prices for the staple crop have jumped 50% since late June, topping $7 a bushel on the Chicago Board of Trade. A prolonged drought in Russia, one of the world's largest wheat exporters, has severely damaged crops, and wildfires have swept through some agricultural areas.