USDA economists warn cost of food at home is still rising
Even though inflation is down to 8.5% an economist says the cost of food at home is still rising.
USDA’s Matt McLaughlin says this is largely in part due to the ongoing war in Ukraine. Prices are currently 13.1% higher than a year ago. Making it the highest yearly increase since 1979.
He reports it’s not just coming from the meat sector. As the Consumer Price Index suggests breakfast cereals are up 17% and bead up 13.5%. Meanwhile, flour alone saw an increase of nearly 4% in July.