Higher Food Prices Should Ease a Bit in 2022

Food prices are continuing to rise, and consumers across the country are adjusting their shopping habits. A Successful Farming article says food aid agencies are also ramping up their support efforts. Overall, food prices were 4.6 percent higher in September than last year. Beef prices were up 17 percent, and pork was almost 13 percent higher than 2020, and eggs were up by 12 percent. The USDA’s Food Price Outlook released this week is still projecting that higher food prices will ease a bit in 2022, with any future increases more in line with historical averages.

However, with so many factors causing the rising prices, experts disagree on how soon those prices for food, as well as for gasoline and other products, will begin to settle down. In response to the rising costs, the Social Security Administration announced its biggest cost-of-living increase in ten years at 5.9 percent, but there’s concern that it won’t be high enough to offset the increasing cost of food. The Biden Administration also boosted SNAP benefits by more than 25 percent. Experts say the inflation spike appears on track to persist deep into 2022 as clogged supply chains, labor shortages, and continuing consumer demand pushes costs higher.