Consumers can expect food prices to increase by as much as 8 percent in 2022 due to the war in Ukraine, higher interest rates, and avian flu, according to the U.S. Department of Agriculture’s 2022 Food Price Outlook.
“All food prices are now predicted to increase between 6.5 and 7.5 percent,” the outlook said.
The cost of takeout food and restaurant meals are expected to rise between 6 and 7 percent, while at-home food will jump between 7 and 8 percent, it added.
The report summarizes the USDA’s May 2022 forecasts, including the April 2022 Consumer Price Index (CPI) and Producer Price Index (PPI) numbers.
According to the agriculture department, significant increases in April followed similarly large changes in January through March….