This is what Nerdwallet said in 2022 and appears to have come to fruition.
Food prices are rising because of several factors, including inflation, labor costs, the supply chain and the war in Ukraine.
Labor costs are still high, according to the U.S. Bureau of Labor Statistics.
Food production costs are estimated to increase 4.1% in 2023, according to the U.S. Department of Agriculture.
Droughts and wildfires in the western U.S. led to lower-than-average crop yields from farms in that region, driving up consumer costs for food, according to NPR. Supply chain issues that have continued since the pandemic have affected food supply.
The war in Ukraine — a country nicknamed “the breadbasket of Europe” — has impacted the country’s ability to export food. Ukraine’s food exports have historically accounted for 9% of the global wheat market and 12% of the corn market, according to the USDA’s Foreign Agricultural Service.