After the United States saw record gas prices last month, consumers can also expect to pay more at the grocery store and dining out as food costs are expected to rise, the U.S. Department of Agriculture predicts.
The USDA’s Food Price Outlook 2022, the agency’s Consumer Price Index for food which measures inflation, is up 7.9% from February 2021, the largest increase since May 1981.
In total, food prices at grocery stores and supermarkets are expected to increase 3%-4% this year after already seeing a 6.8% jump from January 2021.
Restaurant purchases are also 8.6% higher than in February 2021 and are expected to jump by 5.5%-6.5%.
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.
“All food prices are now predicted to increase between 4.5 and 5.5%,” the USDA’s Economic Research Service explained in the March report.