Food and gas prices likely to continue rising this year
(CNN) - If you are wondering when gas and grocery prices will come down, the answer is probably not anytime soon.
In fact, you might have to pay even more for those commodities in the coming months.
New federal forecasts show food prices likely will keep climbing, and the average cost of gas will say high or may even rise.
The U.S. Department of Agriculture predicts grocery prices will increase up to 4% throughout this year, and the average cost of dining out could set a new record.
That is partly because Ukraine and Russia usually export a lot of the world’s wheat and corn.
“It will have global context, impact, beyond anything we’ve seen since World War II,” said David Beasley, executive director of the U.N. World Food Program.
China’s new COVID-19 lockdowns are also making it hard for supply chains to recover from the pandemic.
Oil prices dipped a bit this week after Russia said it would ease up its assault on parts of Ukraine, but White House communications director Kate Bedingfield said, “No one shoud be fooled by Russia’s announcement.”
“It’s called rockets and feathers, meaning when the price goes up, price per barrel, that means your gas stations prices go up like a rocket. When the price goes down per barrel, the gas station prices come down like a feather,” U.S. Energy Secretary Jennifer Granholm said.
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