Rising food prices won't slow down, per USDA

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KIRO

Rising food prices won’t slow down, per USDA

Kevin Ko
Wed, March 30, 2022, 8:19 PM · 1 min read

Food prices are rising and likely will continue going up throughout the year, according to the U.S. 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.

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Richmond-Petersburg WWBT

Food prices expected to rise up to 4% in 2022

Ashley Hendricks - Thursday

Chesterfield, Va. (WWBT) - Shoppers are being forced to go back to the drawing board, hoping not to overspend at the grocery store. ... A USDA report released in March predicts a 3.0-4.0% increase in food prices at grocery stores in 2022. The soaring pricing is causing frustrations for customers.

“I used to pay about $75 a week [for groceries]. Now, it’s about $135 a week. Yeah, it’s almost double,” Deborah Winston said after shopping at Kroger. ... Winston said she’s sacrificing items usually on her list to stay within budget.

The USDA predicts dairy products to increase between 4.0-5.0%. Meat, fish, and poultry could jump between 3.5-4.5%. ... “It’s about what factors into inflation,” Bob Kelley, professor of management at VCU’s School of Business, said. “It’s about what we pay our people to work. So, it’s labor. It’s the cost of goods. So, talking about packaging costs, ingredient costs.” ... Kelley adds rising fuel costs and high demand are also to blame for the rising costs.

Meanwhile, restaurants are trying to keep up. The USDA predicts restaurant prices will climb up to 6.5% percent.

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