{"id":62807,"date":"2022-06-01T19:53:49","date_gmt":"2022-06-02T00:53:49","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62807"},"modified":"2022-06-01T19:53:49","modified_gmt":"2022-06-02T00:53:49","slug":"looming-price-hikes-on-food-set-to-hit-americans-this-fall","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62807","title":{"rendered":"Looming Price Hikes on Food Set to Hit Americans This Fall"},"content":{"rendered":"
\n
\"A<\/a><\/div>\n
A person shops in a supermarket in Washington, DC, on May 26, 2022, as Americans brace for summer sticker shock as inflation continues to grow. (NICHOLAS KAMM\/AFP via Getty Images)<\/div>\n<\/div>\n
ECONOMY<\/a><\/div>\n
\n

Looming Price Hikes on Food Set to Hit Americans This Fall<\/a><\/h3>\n<\/div>\n
Higher inflation could force Fed action, leading to a ‘deeper recession’<\/strong><\/div>\n
\n

In its effort to contain\u00a0inflation<\/a>, the Federal Reserve has begun what many expect to be a series of interest rate boosts, which are already taking a toll on stock and housing markets, with job losses likely to follow. While Americans grow weary of record high gas and grocery prices, however, another round of price increases is making its way through the food supply chain and is expected to reach consumers this fall.<\/p>\n

\u201cPeople don\u2019t realize what\u2019s fixing to hit them,\u201d Texas farmer Lynn \u201cBugsy\u201d Allen said. \u201cThey think it\u2019s tough right now; you give it until October. Food prices are going to double.\u201d<\/p>\n

The\u00a08.8 percent increase in food prices<\/a>\u00a0that Americans have already seen doesn\u2019t take into account the dramatically higher costs that farmers are now experiencing. That\u2019s because farmers pay upfront and only recoup their expenses at the point of sale, months later.<\/p>\n

\u201cUsually, what we see on the farm, the consumer doesn\u2019t see for another 18 months,\u201d said John Chester, a Tennessee farmer of corn, wheat, and soybeans. But with the severity of these cost increases, consumers could feel the effects much sooner, particularly if weather becomes a factor.<\/p>\n

\u201cNothing that consumers are paying is going to bridge the gap for farmers right now,\u201d according to Lorenda Overman, a North Carolina farmer who raises hogs and grows corn, soybeans, and sweet potatoes. She\u00a0said the spike in fuel costs has put her farm into the red this year.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A person shops in a supermarket in Washington, DC, on May 26, 2022, as Americans brace for summer sticker shock as inflation continues to grow. (NICHOLAS KAMM\/AFP via Getty Images) ECONOMY Looming Price Hikes on Food Set to Hit Americans This Fall Higher inflation could force Fed action, leading to a ‘deeper recession’ In its […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[303,32933,13351,16350,3650],"class_list":["post-62807","post","type-post","status-publish","format-standard","hentry","category-economics","tag-fed","tag-kevin-stocklin","tag-price-inflation","tag-the-epoch-times","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62807"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62807\/revisions"}],"predecessor-version":[{"id":62808,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62807\/revisions\/62808"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}