NEW YORK — Rapid food cost inflation could subside shortly, but high energy prices will continue to challenge consumers and retailers, Steve Wieting, an economist for Citibank, said in a conference call Tuesday. Weiting noted that weekly commodity prices for items like wheat, beef, chicken, corn and soybeans are either at or below their peak levels, “pointing to a diminished pace of future inflation,” which he estimated will be around 5% this year. In addition, Weiting said he anticipates an “agriculture profit boom” over the next few years as supplies increase behind a surge in planted acreage. Weiting added, however, that he did not see a corresponding trend in energy availability. Deborah Weinswig, a food retailing analyst for Citibank, said retailers have for the most part passed along inflation and as a result gained better leverage on their fixed costs, but are losing some of that margin benefit on fuel sales.

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