The significant disruption the COVID-19 pandemic wrought on global supply chains, along with rising inflation, has resulted in higher costs for a multitude of food and beverage (“F&B”) products. As a result, according to a recent forecast from the U.S. Department of Agriculture, during 2022, prices paid by consumers for food-at-home (grocery store or supermarket food purchases) will increase between 7.0% and 8.0% while food-away-from-home (restaurant purchases) prices will grow by 6.0% to 7.0%. The Farm Journal says this represents the highest expected increase in grocery store prices since 1980 and the largest anticipated rise in restaurant prices since 1981.
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