The latest Food Price Outlook from the U.S. Department of Agriculture (USDA) highlights the largest inflation rate in grocery prices in more than 10 years. The figures in the report showed that retail grocery prices were 10 percent higher in March, compared to the same time last year. USDA economist Matt MacLachlan explained that grocery price inflation this year was initially only expected to be between 1.5 and 2.5 percent. However, the latest projections are for increases between five and six percent this year.
At the same time, restaurant prices are predicted to increase between 5.5 and 6.5 percent. Altogether, it would mark the third year in a row that All Food prices would increase more than the 20-year average of 2.4 percent. Beef, poultry, eggs, dairy, and fresh fruit are among the products projected to see the largest grocery price increases. USDA points out that substantial fuel cost increases, combined with the Ukraine conflict, and ongoing issue with highly pathogenic avian influenza in the US are all contributing factors in the inflation increases.
Listen to the radio report below.
About the Author
