Food inflation is not deflating anytime soon
Food prices are high, and they are going to stay that way.
Prices went up 1.3 percent in May, which is up 12 percent from the same time last year. What started as a rise in meat prices during the pandemic has turned into much more than that. USDA Economist Matt MacLachlan tells us why.
“And then input costs changing no secret energy prices up this year significantly some of those proceeded the Ukrainian conflict, but certainly have been exacerbated by that event, and commodity prices for corn, wheat are quite expensive right now, too.”
Avian Influenza, high consumer demand, and rising labor costs are also contributing to increased prices at the grocery store.