Gas prices are incredibly volatile during world events. Russia’s invasion of Ukraine disrupted the supply chain, and millions of barrels of Russian oil were pulled off the market.
Last year’s cyberattack on the East Coast fuel pipeline led to gas shortages, hoarding and wildly fluctuating prices. There are ways to find cheap gas in your area that can help offset the rising costs. Tap or click here to learn more.
Gasoline isn’t the only commodity we need to worry about. Rising food prices will get worse, as reported by the USDA. Read on for an idea of what to expect and a neat way to save.
Not a good time to be a foodie
According to the USDA’s 2022 Food Price Outlook, a Consumer Price Index for food that measures inflation, food prices in March 2022 were 8.8% higher than in March 2021.
Food price inflation is different for food purchased to eat away from home versus at home:
- The food-away-from-home (restaurant orders) CPI increased 0.3% in March 2022 and was 6.9% higher than in March 2021.
- The food-at-home (grocery store or supermarket food purchases) CPI increased 1.5% from February 2022 to March 2022 and was 10% higher than in March 2021.
Increases by food category
The USDA predicts that all food prices will increase between 5 and 6%, and at-home prices will increase between 5 and 6%.
The following is a breakdown by category of the predicted price increases for food:
- Retail beef prices increased by 1% in March 2022.
- Retail pork prices increased by 1.4% in March 2022.
- Beef and veal prices will increase between 6 and 7% in 2022.
- Pork prices will increase between 4 and 5% in 2022.
- Other meat prices will increase between 3.5 and 4.5% in 2022.
- The aggregate categories of meats, poultry and fish, will increase between 5.5 and 6.5% in 2022.
- Meats will increase between 4.5 and 6.5% in 2022.
- Egg prices increased by 2.2% in February 2022, followed by a 1.9% increase in March.
- Poultry prices are predicted to increase between 7.5 and 8.5%.
- Egg prices will increase between 6 and 7%.
- Fish and seafood saw a .8% increase between February and March 2022.
- Fish and seafood prices will increase between 5 and 6%.
- Fats and oils prices are predicted to increase between 8 and 9% in 2022 compared with last year’s prices.
- Fresh fruit prices will increase between 6 and 7%.
- Fresh vegetable prices will increase between 4 and 5%.
- Processed fruit and vegetable prices will increase between 5.5 and 6.5%
- Sugar and sweets will increase between 5.5 and 6.5%.
- Cereal and bakery product prices will increase between 6 and 7%.
- Nonalcoholic beverage prices will go up between 4.5 and 5.5%.
- Other food prices will increase between 5.5 and 6.5%.
- The aggregate categories of fruits and vegetables are predicted to increase between 4.5 and 5.5%.
- Fresh fruits and vegetable prices will increase between 4.5 and 5.5%.
How to save on groceries
Want to save on everything from groceries to gas? There’s an app for that.
The Upside-Cash back on gas & food app can earn you up to 25 cents for every gallon of gas you purchase. You also get up to 35% back on restaurant purchases.
The cashback app earns you money for transactions at restaurants, grocery stores and gas stations. You simply upload a picture of your receipt to the app and four to 24 hours later, your cashback will be processed.
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