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Shining Light on Farm & Food Policy for 20 Years.
Sunday, October 06, 2024
Some 13.5% of U.S. households had trouble getting enough food in 2023, as food insecurity among Americans jumped once again to just under the highest rate USDA has recorded in its annual surveys.
Consumers in both major political parties believe their party can lower food prices, according to a recent survey. However, supporters of former President Donald Trump have more confidence that Republicans can cut prices without bipartisan help.
High food prices have become major talking points in the upcoming presidential election, with both sides pointing to different causes for pricey grocery store receipts over the past four years. Economists say a number of factors have been at play, depending on the type of food.
Vice President Kamala Harris on Friday promised to control food inflation, an issue that has dogged Democrats throughout the campaign season, by threatening penalties on companies that raise prices unfairly.
USDA is finalizing a study of retail food pricing even as Vice President Kamala Harris threatens to crack down on the industry for alleged price gouging.
Food prices are on track to return to normal levels this year, as consumers can expect to see softened food-at-home costs after years of high inflation pushing prices up, economists project.
In an inflationary environment, food prices tend to shoot up like rockets and come down like feathers, and food economists believe that will continue to be the case in keeping food prices from going down heading into the holidays and 2024.
Supermarket prices increased slightly for the second consecutive month and are up 3% over the past year, led by a 6% hike over the past 12 months in the cost of bakery products, the Bureau of Labor Statistics reported Wednesday.
