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The USDA Predicts Food Costs to Soar By the End of the Year

According to the USDA, shoppers should brace for food costs to surge by the end of the year.

The United States Department of Agriculture unveiled its food price outlook for 2022, which provided a bleak outlook of soaring grocery prices, with consumers potentially spending up to 4% more on food.

Kitchen staples such as dairy are expected to balloon to a 5% increase, while cereals and baked goods are expected to rise by 4%. Poultry looks to have a more dramatic change as the USDA predicts a 7% uptick. Skyrocketing ingredient costs will ultimately affect restaurant prices, which are considered to inflate to 5.5% to 6.5%

Eating out is also expected to get more expensive. The USDA predicts restaurant prices will increase anywhere from 5.5 to 6.5% this year.


Thanksgiving Prices Rise

A bit of sad news for the holidays as this year’s Thanksgiving prices are expected to rise by about 13% more than last year.

According the American Farm Bureau Federation, the average price for a family of 10 in the previous year came out to about $43.47 and is expected to reach $49.20 this upcoming Thanksgiving.

“A 30-ounce can of pumpkin pie mix will cost 16% more than it did last year, the farm group said. A pound of frozen green peas will be 17% more expensive, while a the cost of a gallon of whole milk will jump 13%,” according to LA Times Blog.

Perhaps the biggest spike will be the main attraction of every meal: The Turkey. The price of a 16-lb turkey is predicted to be about $21.57, or %21 more than in 2010.

So this holiday, when you’re sitting at the table, really make sure to give thanks for your meal.

via: LA Times Blog