Think food prices are high now? Get ready to pay even more
Gas prices are incredibly volatile during world events. Russia’s invasion of Ukraine disrupted the supply chain, and millions of barrels of Russian oil were pulled off the market.
Last year’s cyberattack on the East Coast fuel pipeline led to gas shortages, hoarding and wildly fluctuating prices. There are ways to find cheap gas in your area that can help offset the rising costs. Tap or click here to learn more.
Gasoline isn’t the only commodity we need to worry about. Rising food prices will get worse, as reported by the USDA. Read on for an idea of what to expect and a neat way to save.
Not a good time to be a foodie
According to the USDA’s 2022 Food Price Outlook, a Consumer Price Index for food that measures inflation, food prices in March 2022 were 8.8% higher than in March 2021.
Food price inflation is different for food purchased to eat away from home versus at home:
- The food-away-from-home (restaurant orders) CPI increased 0.3% in March 2022 and was 6.9% higher than in March 2021.
- The food-at-home (grocery store or supermarket food purchases) CPI increased 1.5% from February 2022 to March 2022 and was 10% higher than in March 2021.
RELATED: Listener question: ‘Is Dave Ramsey’s budgeting app EveryDollar any good?’
Increases by food category
The USDA predicts that all food prices will increase between 5 and 6%, and at-home prices will increase between 5 and 6%.
The following is a breakdown by category of the predicted price increases for food:
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The automotive industry has been hit particularly hard. While it’s easier to get a new car now than last year, used cars are holding their value and will continue to do so for some time. Tap or click here to check out which vehicles are retaining the most value.
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