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Farmers: Drought is as bad, if not worse, as 1988

NATIONAL -- In 1988, farmers lost 30 percent of their crops.

And farmers now say that the drought of 2012 is as bad if not worse than the 1988 drought.

Grain prices are already heading up and the government estimates that food prices could increase more than three percent next year.

On Wednesday, the Agriculture Secretary laid out the devastating effects of the drought.

"There's no question that this drought is having an impact on our crops," Tom Vilsack, Secretary of Agriculture, said. "This will result in significant increases in prices."

Since June 1, the cost of corn has gone up 38 percent.

And as of Wednesday, nearly 1,000 counties in the U.S. have been designated disaster areas.

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