Food prices are rising more than expected

USDA has once again raised its food price inflation forecast.

USDA has raised its forecast for food prices yet again, only this time by a half percent.

Food prices in the grocery store now sit at 10.5 to 11.5 percent more than last year. Economist Matt MacLachlan warns no food categories will cost less than last year.

“For 2022, we do not expect any food price category to decrease. Our lowest forecast range is for beef and veal at 5.5 to 6.5 percent, but this is following two years in which beef and veal was the fastest growing price category at 9.3 and 9.6,” said MacLachlan.

The revised forecast now puts meat and poultry inflation at a 43-year high.

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