Food prices will be a lot higher this year, according to a new study of the agriculture and food industry.
According to the Food and Agricultural Policy Research Institute, a think tank at the University of Missouri, food prices will be at least 5% higher in 2022 compared to last year. That’s the biggest single year increase in 14 years.
The group’s director, Pat Westhoff, said the final number could be even higher.
“I won’t give you a specific number, but it’s safe to say that if we were creating a new baseline today, we’d almost certainly show a higher rate,” said Westhoff, who heads the institute.
