Food prices are on the rise at grocery stores. The Bureau of Labor Statistics announced on Tuesday that food prices have increased 8.8 percent and this has been the largest food increase since 1981. The USDA Economic Research Service also predicted that the rise of costs in foods is not going to stop any time soon, in fact it’s going to increase between 4.5-5%. This food price not only effects grocery store prices but, it also is going to affect the cost of food prices at restaurants. We are going to see a hike in restaurant price within the next year. The USDA Economic Research Service also announced that we can expect an increase of 5.5-6% with restaurant prices.
There are several reasons as to why food prices are soaring. One of those reasons a re environmental issues. There are severe droughts in Brazil currently which is impacting crops going all the way from coffee to soy all the way to wheat. Another reason as to why gas prices are increasing is because of the war going on Ukraine. The war in Ukraine has heavily affected the wheat market and there are supply issues going on which is affecting the global vegetable oil market. There is also a deadly avian flu going around which is affecting the production of eggs which will see a price increase throughout the next year.
Something to consider is that food has been heavily rising but thats not to say it’s going to continue. Tuesday’s CPI report showed that while the costs for products and produce is still rising it might be leveling off within this next year.
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