By Rob Wile
Food prices continued to skyrocket in the last 12 months, which ended in August, with a rise of 13.5%: the largest increase since 1979.
Many food categories saw
a double-digit increase in 12 months
.
At the head were eggs, which rose 40%, margarine, 38%, and flour, 23%.
In its latest review of food prices, the United States Department of Agriculture (USDA) said that factors in the economy, including problems in supply chains and rising energy costs , transport and labor, have contributed to the increase in prices in all food categories.
The increase has been seen in eggs, flour and margarine. Robyn Beck / AFP via Getty Images
The price of a dozen large Grade A eggs, for example, hit a record high of $3.12.
The USDA said
an ongoing outbreak of avian flu
has reduced egg production, driving up the price.
One possible consolation is that prices could start to decline soon.
A monthly survey from Purdue University found that consumer estimates of annual food price inflation, both for the past 12 months and the next 12 months, are declining.
The survey authors noted that this "suggests that falling price categories like gasoline may be influencing consumers to believe that food prices are also falling."
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The USDA also predicts that food price increases, across many categories,
should taper off through the end of the year
and into 2023 thanks to higher interest rates, lower commodity prices and lower prices. energy prices.
According to the USDA, favorable growing conditions in countries such as Australia and Canada have also contributed to a record volume of wheat and wheat flour production, which, in turn, has put downward pressure on farm prices. and wholesale producers.
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"Food prices are expected to grow more slowly in 2023 than in 2022, but still above historical average rates," the USDA said.
