These Are The Foods That Are Skyrocketing In Price, Experts Say
After a trip to the grocery store, it's no surprise that food prices have risen.
But according to new data, food prices may be higher than they've ever been. Researchers at the Food and Agriculture Policy Research Institute at the University of Missouri say that food prices will be at least 5% higher in 2022 compared to 2021.
That's the biggest single-year increase in 14 years.
The research group's director, Pat Westhoff, said the year-end number could be even higher.
"I won't give you a specific number, but it's safe to say that if we were creating a new baseline today, we'd almost certainly show a higher rate,"Westhoff said.
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While prices will be up across the board, Westhoff said there are certain foods that people will inevitably pay more for.
"We have seen much larger increases year over year for meats, for fats and oils, and for fresh fruits than you did for most other products," he said.
Fuel prices, supply chain issues, and labor costs are all partially to blame for the price increases. Westhoff said while prices are higher, the costs aren't making anyone in food production any richer.
"For example, at the farm level, yes, farmers are getting higher prices for the commodities that they sell, but they are also paying more for fertilizer, fuel, and for other inputs," Westhoff said. "And so the net income picture for farmers may not be terribly different this year from what it was last year."
Russia's invasion of Ukraine, Westhoff said, will also likely have long-lasting impacts on food prices.