NEW YORK - This summer??s Midwest drought could lead to a sharp increase in the price of food, especially meat, CNN Money reports.

"We haven't seen any rain at all, and based on that, food inflation is definitely a real threat," said Phil Flynn, senior energy analyst at the Price Futures Group in Chicago.

Dry heat has ravaged corn crops, with 40% of the corn planted across the nation in poor or very poor condition, according to the U.S. Department of Agriculture. As a result, corn future prices have spiked 50% over the past month to $7.79 per bushel.

For every 50% increase in corn prices, food prices typically increase 1%, according to Richard Volpe, an economist for the Economic Research Service of the U.S. Department of Agriculture.

The prices of beef, pork and poultry will increase the most, as corn is the main feedstock for chicken, cattle and pigs. As a result, consumers could face an increase as high as 10% for meat at the grocery store, said Michael Miller, senior vice president of global research for the National Cattlemen's Beef Association, with beef prices rising from an average of $4.35 per pound in 2011 to $4.80 per pound this year. The effects are likely to be more pronounced toward the end of the year and into the start of 2013.

"We're in one of those situations where everyone is watching the weather and corn prices from the edge of their seats," Miller said. "This is the first time in a long time that we've had a drought this significant in the Corn Belt, and that's why the market is so nervous."