Rising commodity costs mean more expensive goods for consumers

For consumers who have tightened their purse strings in the wake of the economic recession, rising commodity prices are only heralding more money trouble.

"Commodities," a catch-all term for the raw materials that go into the things that consumers buy, eat and wear, have been increasing in price for decades. Previously, the world's superpowers - the U.S., Western Europe and Japan - dominated the commodities market, but the emerging economies of countries such as India and China are driving up the demand for everything from wheat to metal and causing prices to soar, the San Francisco Chronicle reports.

For consumers, the rising commodity costs will be reflected in the price of goods at supermarkets, department stores and gas stations, to name just a few places. Some companies, such as Kraft, Starbucks and Nestle, have already warned shoppers that rising prices could mean more expensive products.

Starbucks recently stated that it will be hiking up the cost of some of its popular drinks due to the rapidly rising cost of coffee beans.