Food Prices Rose 10% Between 2020 & 2021. They’re Expected to Rise Another 9.5%

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This just in: your grocery bill is not going down anytime soon. No doubt you’ve noticed an increase while doing your weekly shopping and have been trying to save money on groceries, in addition to the crazy gas prices. Now new information is showing more specifics as to what you can expect to pay at the cash register.

The USDA’s May 2022 Food Price Outlook report has just been released and shows a whopping 10.1% increase in prices from this time last year. Overall, you can expect a 8.5-9.5% increase this year for “food-at-home” prices and 6-7% increases in “food-away-from-home” (aka eating out) prices.

iStock

“The impacts of the conflict in Ukraine and the recent increases in interest rates by the Federal Reserve are expected to put upward and downward pressures on food prices, respectively,” the report reads. Knowing just why prices are getting historically high is nice, but most of us just want to know: how much more am I going to have to fork out for food?

For poultry, get ready for 13-14% extra and 19.5-20.5% more for eggs, thanks to avian influenza which is reducing supply. An increased consumption for dairy products means you’ll be paying 10.5% more this year.

Other common grocery categories include:

  • Fats and oils: increasing 14-15%
  • Fist and seafood: 8.5.-9.5%
  • Processed fruit and vegetables: increasing by 7.5-8.5%
  • Sugar and sweets: increasing by 6.5-7.5%
  • Cereal and Bakery products: increase 10-11%%

NRD/Unsplash

There’s not much consumers can do when it comes to the rising costs of groceries, but we can get tricky by using a few grocery hacks to help keep that receipt short and sweet. Try to shop generic, stick to your list, meal plan, buy bulk when its cost effective and research sales.

For more ways to save and get ahead of the grocery game, check out our money-saving tips and ways to save money on groceries.

 

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