Wheat prices soar. Are bread prices next?

(CNNMoney.com) -- With wheat futures soaring to their highest level in two years, you could soon find yourself paying more for a loaf of bread at your local grocery store.

The price of wheat has surged more than 80% from its seven-month low in June. Prices continued to rally Thursday, surging to their highest level since August 2008, after Russia said it would ban grain exports until Dec. 1 due to a drought that has destroyed more than 20% of its wheat crop.

If prices continue to surge, you could wind up paying 25% to 30% more for a loaf of bread and at least 10% more for a pizza by the end of August or early September, said Darin Newsom, a senior analyst at Telvent DTN, an agriculture and commodities information company.

That would translate into a price hike of as much as 90 cents more for a $3 loaf of bread, and a bump of $1.40 for a $14 pizza. (more)