The United States Department of Agriculture released an update to its Food Price Outlook for 2022 and found that nearly everything one might ingest – whether it comes from the grocery store or restaurant – is going up in price. And yes, that’s on top of the price increases consumers have already been forced to endure in the last year.
Food prices are going to go up all summer on a worldwide basis. They’re going to be genuine crises. And hundreds of millions of people are going to be at risk in places like India, the Middle East, sub-Saharan Africa.
Food prices are estimated to rise 5% in the first half of 2022, according to research firm IRI, though the level of increases will vary by grocers and regions. INFLATION HITS HIGHEST LEVEL IN 39 YEARS AS CONSUMER PRICES SURGE
As usual, different types of food are expected to go up in price at different rates, with dairy and baked goods expected to be comparatively much more pricey, while past culprits like meat and seafood will look comparatively flat. Food prices are expected to rise by between five and seven per cent next year. (Wendy Martinez/CBC)
“Food prices are going to continue to increase for probably a good year, year and a half.” Lempert warned that shoppers shouldn’t expect relief any time soon. “I think food prices are going to continue to increase for probably a good year, year and a half,” he predicted. “Our costs are going to go up for food production,” he said.
Food prices keep going up, thanks to inflation. The same inflation that Joe Biden has an old meltdown over if you blame him for it. This farmer is going viral with a warning that if you think food is expensive now, you ain’t seen nothin’ yet.
Sadly, experts believe these prices will continue to climb in 2022.ÂÂ Food prices overall will increase by five per cent to seven per cent, Canada’s Food Price Report for 2022 predicts.
The COVID-19 pandemic, changes in consumer behavior, and supply chaindisruptions have led to an increase in food prices. More recently, the war in Ukraine has affected global grain markets and edible oil markets—such as sunflower oil, palm oil, and other vegetable oils—which have contributed to inflationary pressures on food prices.
Dairy products are expected to cost between six and eight per cent more. The price of bakery goods is expected to increase by five to seven per cent. Vegetables are forecast to cost five to seven per cent more. Fruits are expected to cost three to five per cent more. Meat and seafood are projected to cost up to two per cent more.
Consumers have experienced the most significant shock in global food prices in more than a generation. In the US, food prices for home consumption were up 10% year over year in March 2022. That’s the largest increase in more than a 40-year period. But why did it happen? And how can we get back on track?
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