Brace for Impact: Food Prices Expected to Rise More
The U.S. Department of Agriculture’s Economic Research Service (ERS) has dropped a bombshell in regard to our economy. Food prices are not just rising – they’re set to soar ‘above’ historical averages. The grim forecast predicts that Americans will be shelling out substantially more for their groceries from now through 2024.
According to the ERS analysis, the cost of food will remain elevated throughout 2023 and extend into 2024. The increases in 2023 are projected to be higher than average, a dramatic development that has sent shockwaves through households nationwide.
In the midst of these skyrocketing costs, Joe Biden seems to be playing the fiddle while Rome burns. Despite touting his record on inflation and “Bidenomics”, the American people are feeling the pinch as prices continue to spiral out of control.
In a press release that read like a doomsday prophecy, the USDA researchers revealed, “Food prices are expected to grow more slowly in 2023 than in 2022 but still at above historical-average rates.” They predict a staggering increase of 5.9% in all food prices in 2023, with a predicted interval of 5.3 to 6.5%.
The prognosis for foods purchased at grocery stores or supermarkets, also known as food-at-home, is equally grim. These prices are expected to bloat by 5.2% by the end of 2023. Dining out won’t offer any respite either, with restaurant prices anticipated to leap a whopping 7.1%.
The scenario for staple foods is no different. From beef and veal to dairy products, cereals, and bakery items, every category is set to see a price hike. The most significant increases are expected in fats and oils, processed fruits and vegetables, sugar and sweets – each projected to climb an eye-watering 9%.
Despite this financial onslaught, the Biden administration appears to be in denial about the severity of the situation. While prices of everything from gas to used cars are soaring, Biden continues to emphasize that inflation rates have declined since their peak during his presidency.
However, the reality on the ground tells a different story. A recent report highlighted that Americans paid $709 more for basic goods and services in July 2023 than they did in July 2021.
As food inflation continues its relentless march into 2024, albeit at a lower rate, it’s clear that the American people are in for a rough ride. Amidst the rhetoric and political posturing, one thing is certain – the cost of living in America is about to get a whole lot more expensive.