The Agriculture Department expects U.S. food prices to increase by at least another 5 percent this year. The agency said it raised its estimate for several food categories after two months of price surges, Just the News reports. “The impacts of the conflict in Ukraine and the recent increases in interest rates by the Federal […]
The Agriculture Department expects U.S. food prices to increase by at least another 5 percent this year.
The agency said it raised its estimate for several food categories after two months of price surges, Just the News reports.
“The impacts of the conflict in Ukraine and the recent increases in interest rates by the Federal Reserve are expected to put upward and downward pressures on food prices, respectively,” the report reads.
Food prices are predicted to increase 4.5 percent to 5.5 percent, with the cost of cooking oils and poultry increasing the most - approximately 7 percent.
The only food cost that is expected to decrease is fresh vegetables.
