Looming Price Hikes on Food Set to Hit Americans This Fall
29th May 2022
In its effort to contain inflation, the Federal Reserve has launched what many expect to be an ongoing series of interest rate increases, which are already taking a toll on stock and housing markets, with job losses likely to follow. As weary as Americans have become from paying record high gas and grocery prices, however, another round of price hikes is making its way through the food supply chain and is expected to reach consumers this fall. “People don’t realize what’s fixing to hit them,” said Texas farmer Lynn “Bugsy” Allen. “They think it’s tough right now, you give it until October. Food prices are going to double.”