Food, gas prices expected to stay high or even rise more in 2022
The U.S. Department of Agriculture released its food price outlook for 2022, predicting the cost of groceries will continue to rise.
New federal forecasts also show the average cost of gas will stay high or may even rise, CNN reported.
According to Newsy, consumers could be spending up to 4% more for food by the end of the year.
The USDA says grocery and supermarket food prices are already 8.6% higher now than they were a year ago.
Dairy prices are expected to increase between 4% and 5% while the cost of poultry could go up by 7%.
The USDA also predicts restaurant prices to increase by at least 5%.
According to CNN, China’s new COVID-19 lockdowns are also making it hard for supply chains to recover from the pandemic.
Oil prices dipped a bit this week after Russia said it would ease up its assault on parts of Ukraine, but White House communications director Kate Bedingfield said, “No one should be fooled by Russia’s announcement.”
“It’s called rockets and feathers, meaning when the price goes up, price per barrel, that means your gas stations prices go up like a rocket. When the price goes down per barrel, the gas station prices come down like a feather,” U.S. Energy Secretary Jennifer Granholm said.