• In 2023, all food prices are predicted to increase 7.5 percent, with a prediction interval of 5.5 to 9.6 percent. Food-at-home prices are predicted to increase 7.8 percent, with a prediction interval of 5.3 to 10.5 percent. Food-away-from-home prices are predicted to increase 8.3 percent, with a prediction interval of 7.2 to 9.3 percent.
• Prices increased for 13 food-at-home categories between January 2023 and February 2023. Prices increased for all categories except fresh vegetables and eggs.
• In 2023, prices are predicted to increase for other meats (4.5 percent), poultry (3.4 percent), dairy products (6.4 percent), fats and oils (15.4 percent), processed fruits and vegetables (11.4 percent), sugar and sweets (11.1 percent), cereals and bakery products (11.7 percent), nonalcoholic beverages (10.7 percent), and other foods (8.5 percent).
• Retail egg prices decreased 6.7 percent in February 2023 but remained 55.4 percent above February 2022 prices. Egg prices are predicted to increase 29.6 percent in 2023, with a prediction interval of 13.4 to 48.9 percent. This wide prediction interval reflects the volatility in retail egg prices.
According to Foreign Policy, while we averted a "collapse of the global food system" in 2022, we are "one major crop failure or natural disaster away from a food system meltdown," right now.
RICE WILL BE AN ISSUE......
"China is the largest rice and wheat producer in the world and is currently experiencing the highest level of drought in its rice growing regions in over two decades," according to CNBC.
Another "major price driver" for rice is India, which has put restrictions on their rice exports
The key point in that report states "The global rice market is set to log its largest shortfall in two decades in 2023."
While this doesn't affect Americans as severely as those in other countries, rice is still one of the staple foods for Americans living paycheck-to-paycheck, and with the increased prices due to global shortages, buying in bulk ends up being cheaper in the long run.
ADD SUGAR TO THE LIST......
We are finding reports now on sugar prices which have spiked to an 11 year high, due to a variety of factors, including, by unseasonal rainfall in India, a poor European beat crop, summer drought conditions as well as OPEC+’s oil output cuts.
Via the US Food's Farmer's report:
- Moscow said it would only consider a further extension of the Black Sea Grain Initiative agreement beyond the current May 18 deadline if several demands in relation to its own exports are met, according to Reuters
- According to the weekly USDA crop conditions report, just 27% of the winter wheat crop is in good to excellent condition, down from 28% last week and 32% last year
Just a few basic items made from wheat, include but are not limited to;
As long as the war between Russia and Ukraine continues, wheat is going to be an issue, and prices will continue to rise, especially if the Black Sea Grain initiative does expire.
RICE is the latest target of climate change
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