USDA: high food prices are not unprecedented
No doubt your grocery bill is much higher right now than a year ago, but the U.S. has endured more severe hikes in the past. At least, according to USDA economists.
Grocery food prices have increased 3 percent this year, on top of the same increase last year, but food at restaurants is even higher, with a 4-5 percent increase.
In 2019, prices only jumped less than 1 percent.
An economist talks about the current food price inflation.
According to USDA’s Matt MacLachlan, “This is not entirely unprecedented. We do have some historical examples where food price changes were actually more severe.”
For example, in 1979, food prices jumped 18 percent in the first part of the year.