USDA: Food Prices Expected to Keep Rising in 2022
UNDATED -- We can expect our grocery bills to keep going up the rest of this year.
The United States Department of Agriculture has just released its Food Price Outlook for 2022. They say overall prices are predicted to increase between 3.0 and 4.0 percent.
Poultry prices are predicted to increase 6.0 to 7.0 percent and egg prices could go up between 2.5 and 3.5 percent. Dairy prices are expected to go up between 4.0 and 5.0 percent in 2022. Fresh fruit prices could increase between 5.0 and 6.0 percent. Sugar and sweets increase between 3.0 and 4.0. Cereals and bakery product prices up between 3.0 and 4.0 percent.
The USDA says grocery and supermarket food prices are already 8.6 percent higher now than a year ago.
Meanwhile, restaurant food prices are also going up. Menu items are predicted to increase between 5.5 and 6.5 percent the remainder of this year.
Restaurant prices have already gone up 6.8 percent since January of 2021.
For a historical overview, the USDA says between the 1970s and early 2000s, grocery and restaurant prices increased at similar rates. Since 2009, however, grocery price increases have slowed and even deflated in 2016 and 2017, while restaurant prices have been rising consistently during that same period.