Posted on 06/03/2022 3:56:51 AM PDT by EBH
USDA raised its estimated range of 6.5%-7.5% y/y increase from a range of 5%-6%, according to the May Food Price Outlook report, the highest forecast for all food prices and restaurant prices since 1981, and the highest grocery store price boosts since 1980.
USDA raised its estimated range of 6.5%-7.5% y/y increase from a range of 5%-6%, according to the May Food Price Outlook report, the highest forecast for all food prices and restaurant prices since 1981, and the highest grocery store price boosts since 1980.
The biggest increase is eggs for the second month in a row, hiked to a 19.5%-20.5% range from a 6%-7% range. Just two months ago, USDA had egg inflation at 2.5%-3.5% y/y.
Other categories with big increases: pork, poultry, fats and oils.
USDA only kept their price increases steady from April for beef and veal (6% to 7%), fresh vegetables (4% to 5%), processed fruits and vegetables (5.5% to 6.5%) and sugar and sweets (5.5% to 6.5%).
Details of the Report:
Consumer price index (CPI) for all food: a rise of 6.5% to 7.5% in 2022 vs 2021, up from 5% to 6% in April and using the midpoint of USDA’s range biggest rise in food prices since they rose 7.8% in 1981.
Food away from home (restaurant) prices: up 6% to 7% in 2022, from April forecast of up 5.5% to 6.5%. That is the biggest rise in restaurant prices since 1981 when they increased 9%.
Food at home (grocery store) prices: up 7% to 8%, versus April outlook of a rise of 5% to 6%. That would be the highest grocery store price rise since 1980 when prices rose 8.1% — prices rose 7.2% in 1981.
I suppose it would be a bad cycle if wages go up so that people can afford the more expensive goods. That would snowball. I haven’t really looked, but as far as I know, wages are not keeping pace with the price of goods. That hurts, but may also be a good thing.
Looming Price-Hikes On Food Set To Hit Americans Even Harder This Fall
"“They think it’s tough right now, you give it until October. Food prices are going to double.”
The Dems and Deep State are intent on squeezing and driving the accumulated wealth and earning power (financial resources) out of the USA.
Why?
Totalitarian control.... the march to slavery.
We’ve heard of trickle-down...
Well, this is trickle-UP.
I doubt it will be a good thing. I anticipate things to get very, very ugly. If world events happening in other countries are any indicator...the cities will riot.
But DAH GUNZ!!!!!
Thanks FJB you communist POS!!!
Is this Putin’s fault, too?
Yes. Because the solution is WAR against Putin and Russia who are the enemy and are to be hated because they cause all bad things. Except that Putin has made clear that this is about Russian culture vs western perversion and if the whole world has to nuke itself for it he is all in.
So there you have it. It's Putin's fault and we can't fix him. Now what do they do?
Come on Man, the last thing this country needs is access to affordable food and energy, it would only lead to the yearning for freedom and liberty, and we can’t have that now can we
Sieg Heil!
He’s saying immediate help to families right now is to pass his green energy and utility companies have promised to lower costs to Americans and will save families $500 a year.
Crazy. Less then $50 a month savings that will only go to higher food price costs for families.
Just mentioned making companies pay more in taxes that they are not paying. How about closing loop hole in Delaware your state President, where businesses go to evade taxes.
Putin’s grocery price hike!
He’s a real meanie.
/sarc
Official government forecasts are what happens when you give computers to chimps.
Total joke.
We need somebody to rebut his claims.
Current inflation is costing Americans far more than $50 per month.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.