Will Food Prices Hikes Slowdown?
By the time the year is over, how much more will we have paid at the local grocery store for our foods?
The forecast, according to Matt MacLachlan, is for a 10%-11% year over year increase. MacLachlan tracks food prices for the USDA, and he notes the increase in prices may slow significantly in the final quarter of the year, thanks to what we saw happen in July; with declines in energy prices, no inflation for the overall general economy, plus “Farm level soybeans and wheat also went down by double digit percentages.”
Which he pointed out could slow down the price increases for a host of foods.
At this time, MacLachlan says grocery store food prices have increased 9% for 2022. So, how do we get to that 10%-11% he’s predicting when the year comes to a close?
“So we do not expect a price decrease, but a leveling out of price increases, that they would increase more slowly than they did in the first part of the year.”
Perhaps allowing consumers a chance to catch their breath at the grocery story in the months ahead.
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