Food prices are rising and likely will continue going up throughout the year, according to the US Department of Agriculture (USDA).
“All food prices are now predicted to increase between 4.5 and 5.5 percent,” the USDA stated in its 2022 Food Price Outlook report.
USDA data shows how much food prices have increased since last year. Comparing prices from February 2021 to February 2022, the agency found the cost of food at home / groceries is up 8.6%. They also found the following increases:
- Beef and Veal: + 16.2%
- Pork: + 14%
- Poultry: + 12.5%
- Fish and Seafood: + 10.4%
- Eggs: + 11.4%
- Dairy: + 5.2%
- Fats and Oils: + 11.7%
- Fresh Fruits: + 10.6%
- Fresh Vegetables: + 4.3%
- Processed Fruits and Vegetables: + 7.6%
- Sugars and Sweets: + 7%
- Cereals and Bakery Products: + 7.8%
Wheat prices also are expected to rise significantly due to the ongoing war in Ukraine, according to USDA.
“The conflict in Ukraine is expected to put upward pressure on international wheat markets,” the report stated. “Farm-level wheat prices are now predicted to increase between 20 and 23 percent and wholesale wheat flour prices are predicted to increase between 12 and 15 percent in 2022.”
Ukraine is also the world’s largest exporter of sunflower oil, making up nearly half of the global supply.
© 2022 Cox Media Group