According to USDA’s May Food Price Outlook, consumers need to get ready to pay more at the grocery store and at restaurants in the weeks ahead. The report showed the highest forecast for all food and restaurant prices since 1981 along with the highest grocery store price boost since 1980. USDA updated its estimated range for all food to a range of 6.5%-7.5% year over year.
Some of the biggest increases included in pork, poultry, fats, oils and eggs which saw the range hiked to 19.5%-20.5% all the way from 6%-7% last month. The price increases for beef, veal, vegetables, processed fruits and vegetables as well as sugar and sweets stayed steady.
The food away from home index went up to 6%-7% in April, the biggest jump in restaurant prices since 1981.
Read the full reports from USDA here: https://www.ers.usda.gov/data-products/food-price-outlook/
