Food prices could go up this year—by as much as six percent—but economists build a lot of wiggle room into those estimates. United States Dept. of Agriculture (USDA) Economist Matt McLaughlin warns consumers, producers, and the markets to never write those estimates into stone.
According to McLaughlin, next year, they may only go up by one percent, but that is just a midpoint in a wide range of possible scenarios. They could fall by seven percent or go up by as much as nine!
The ag industry expert says that is because there are a lot of things that could happen between now and the end of next year. As this year inches closer to a close, he says the Department is estimating a normal food price growth rate of around two percent.
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