Food Prices Are Expected To Increase In New York State
Buying food in New York is about to get more expensive. According to predictions by the United States Department of Agriculture, food prices, which are already up from last year, are expected to continue to increase. Not only will buying groceries hit shoppers' wallets harder, but so will eating out, as restaurants pass their costs on to diners.
The all-items Consumer Price Index (CPI), a measure of economy-wide inflation, increased by 0.9 percent from January 2022 to February 2022 before seasonal adjustment, up 7.9 percent from February 2021. The CPI for all food increased 1.0 percent from January 2022 to February 2022, and food prices were 7.9 percent higher than in February 2021.
The cost of purchasing groceries and dining out have both increased significantly since 2021. Buying food for home actually increased more than eating food outside of home,
The food-away-from-home (restaurant purchases) CPI increased 0.4 percent in February 2022 and was 6.8 percent higher than January 2021; and
The food-at-home (grocery store or supermarket food purchases) CPI increased 1.4 percent from January 2022 to February 2022 and was 8.6 percent higher than February 2021.
However, according to the USDA predictions for 2022, the cost of eating at restaurants will increase slightly more than the cost of buying groceries. As if New Yorkers aren't already hurting due to high gas costs, now this!
According to the U.S. Bureau of Labor Statistics, prices for food are 2,835.41% higher in 2022 versus 1913 (a $567.08 difference in value).
Just to put it in perspective, here's a snapshot of how much groceries cost in 1913, according to the Bureau of Labor Statistics:
Potatoes were 2.5 cents per pound
Flour was 3.3 cents per pound
Rice was 8.7 cents per pound
White bread was 5.6 cents per pound
Round steak was 22.3 cents per pound
Butter was 38.3 cents per pound
Here's How Much The USDA Predicts The Prices Of Grocery Items To Increase In 2022:
Here's How Much More You Can Expect To Pay For Food In New York
CNBC offers some tips on saving money on groceries,
- Sign up for the loyalty program
- Clip coupons
- Join a wholesale club
- Buy items on sale
You can check out the other 7 tips here.