(NewsNation) — You could be paying more prices for groceries soon, as food, according to the Department of Agriculture, is expected to get more and more expensive as the year goes on.
Inflation is making the cost of food soar across the country. In its March Food Price Outlook this week, the USDA said all food prices are going to increase. Groceries in total are estimated to rise between 4.5 to 5% this year.
Depending on what kind of food you buy, you could be spending even more: Beef and veal saw the highest potential increase, with a predicted 4% to 7% jump. Fresh vegetables will see the smallest change in price: 3-4%.
Dining out isn’t looking like it will be too cheap, either.
The USDA anticipates eating at favorite restaurants could cost between five and a half and 6% more in 2022.
Robust consumer demanded has combined with shortages of a variety of goods to fuel inflation, which is only expected to worsen in the coming months because of Russia’s invasion of Ukraine. The war disrupted global oil markets and pushed the prices of wheat and flour up.
Inflation soared to a 4-year high over the past year, going up to 7.9%, which is the sharpest spike since 1982. Wages also increased by 4.5%.
However, for many, the inflation rate is more than the pay raises they received in the last year, making it harder for them to afford food, gas rent and more.
To stem inflation, the federal reserve will start raising interest rates, Federal Reserve Chair Jerome Powell did say that the central bank expects inflation to gradually decline this year as tangled supply chains unravel and consumers pull back a bit on spending.