The U.S. Department of Agriculture expects U.S. food prices to increase by at least another 5% on average this year as the majority of Americans surveyed in a new poll cite cost of living increases as a top concern and lack of confidence in President Joe Biden’s ability to do anything about it.
Rising prices are due to inflation, the Federal Reserve increasing interest rates, and consequences of Russia invading Ukraine, the USDA states in its most recent monthly Food Price Outlook, which forecasts retail food inflation.
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