Food Prices Expected To Continue Increasing In 2022
I consider myself as good at budgeting my income. I use a spreadsheet to list all my monthly bills and expenses, and I set a budget for things like gasoline, food, and entertainment. Usually, entertainment takes a back seat depending on what unexpected bills come up.
I haven't raised my monthly food budget in a while, but have now realized that I need to, since the amount I plan on each month, is no longer enough for the same amount of food I regularly purchase.
Why this is? Well, most everyone else has discovered that the cost of food, like most other things, has risen in cost. The Economic Research Service of The United States Department of Agriculture (USDA) recently did a study on the food price outlook for 2012.
In the study, they found that the consumer price index for food rose by 0.4 percent from January to February this year, and that is up 8.6 percent from February 2021. For restaurant or take-out food, the consumer price index rose 0.4 percent from January to February 2022, and the index is up 8.6 percent from February 2021.
Food price increases are expected to be above the increases observed in 2020 and 2021. In 2022, food-at-home prices are predicted to increase between 3.0 and 4.0 percent, and food-away-from-home prices are predicted to increase between 5.5 and 6.5 percent. Price increases for food away from home are expected to exceed historical averages and the inflation rate in 2021."- USDA
So, will you need to sacrifice or cut back on something else in your monthly budget to make up for the increased cost of food? For complete information about the 2022 food price outlook, visit the USDA website.
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