As we all know, food prices are already skyrocketing in the United States. If you've been to the grocery store recently, you may have noticed that the costs of some grocery items have increased.
According to the U.S. Department of Agriculture (USDA), food prices are expected to rise between 2.5% and 3.5% this year.
According to the U.S. Bureau of Labor Statistics' Consumer Price Index, buyers in 2022 will suffer from massive monthly increases. Groceries cost approximately 1.5 per cent more in February than they did the month before, and estimates for March indicate that this trend will continue.
With the rise in prices of essential items like eggs, cheese, and milk over several months, dairies have seen the highest rising costs for customers all over the world. The FAO's Dairy Price Index jumped nearly 6% in February, marking the sixth consecutive monthly increase.
However, USDA expected that milk price would rise by 11.2%, the cost of eggs would increase by 11.4%, and cheese would increase by 5.6%.
According to the USDA, food prices are expected to climb at the following rates in 2022 such as:
Food costs at home: In 2022, groceries product prices are predicted to rise by 2% to 3% and Food-away-from-home expenditures, often known as restaurant costs, are predicted to rise between 4% and 5%.
In the United States, inflation has already reached a 40-year high. Milk, Eggs, and Cheese are a few of the items that may face shortages or disappear totally from grocery store shelves this year.
What do you think about soaring food prices? Give your valuable opinion in the comment section, and if you think more people should read this article, share it on social media and with your friends and family.
Disclaimer: This article is only for educational and informational purposes.
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