“All food prices are now projected to increase between 4.5 and 5.5%,” the USDA’s Economic Research Service explained in its March report.
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STEFANI REYNOLDS / AFP via Getty Images
“All food prices are now projected to increase between 4.5 and 5.5%,” the USDA’s Economic Research Service explained in its March report.
STEFANI REYNOLDS / AFP via Getty Images
The United States Department of Agriculture has released an update to Food price outlook for 2022 and found that nearly everything one can eat – whether it comes from a grocery store or a restaurant – has increased in price.
And yes, that is the price increase that consumers have been forced to endure in the last year.
“All food prices are now projected to increase between 4.5 and 5.5%,” the USDA’s Economic Research Service explained in its March report.
While the overall increase is alarming, a closer look at different food categories reveals just how expensive shoppers can expect items to be, according to the USDA:
- Beef and veal: + 16.2%
- Pork: +14%
- Poultry: +12.5%
- Fish and seafood: + 10.4%
- Eggs: +11.4 %
- Milk: + 5.2%
- Fats and oils: + 11.7%
- Fresh fruit: + 10.6%
- Fresh vegetables: + 4.3%
- Processed fruits and vegetables: + 7.6%
- Sugar and sweets: + 7%
- Cereals and bakery products: + 7.8%
For takeout or dine-in, the USDA says those prices are projected to increase between 5.5 and 6.5% for the rest of this year.
In addition, food prices increased by 7.9% in the year ending February 2022.
This is “the largest advance in 12 months since July 1981,” according to the department.
The report also notes current global events will only add to uncertainty about food affordability, saying, “The impact of the conflict in Ukraine and the Federal Reserve’s interest rate hikes Recent rates are expected to exert upward and downward pressure on food prices respectively.Scenes will be closely watched to assess the net impact of these concurrent events on food prices as they occur. take place. ”
