BUSINESS: Research + Stats Inflation and Supply Shortages Drive Up Grocery Prices By Staff Thursday, August 11, 2022 3:08 PM The price of food continues to reach new heights under the pressure of supply shortages and inflation. New numbers from the U.S. Department of Agriculture show that egg prices jumped 47 percent in July. This is despite a lower consumer price index which came in at just 8.5 percent in July. Overall, grocery prices have increased by more than 13 percent since the same time last year—record increase not seen since 1979. Food-at-home prices are expected to increase between 10 percent and 11 percent, and food-away-from-home prices are predicted to increase between 6.5 percent and 7.5 percent.A further increase is expected for 2023 when analysts think that prices will rise another 2 percent and 3 percent, and food-away-from-home prices are forecast to increase between 3 percent and 4 percent.Grocery prices expected to take the greatest increase in cost include meats, poultry and fish which is predicted to increase by 2022. Beef and veal prices however have seen a decline of 0.6 percent since June. The price of frankfurters and luncheon meats on the other hand increased by 1 percent and 16.7 percent year over year. Poultry prices have risen 1.5 percent this summer and 17.3 percent year over year. This increase came as shortages of frozen chicken continue to hamper the market. Egg prices, which have grown 33.1 percent year over year, have been heavily impacted by the recent avian influenza outbreak which reduced flocks and pushed egg prices higher. More than 40 million birds have been impacted by avian influence across 37 states. Poultry is expected to rise another 14.5 percent to 15.5 percent in the coming year. Meanwhile, fish and seafood prices have also seen a sharp increase in prices rising 11 percent year over year. Fresh fish sales are on the decline dropping 0.4 percent in 2022, while processed fish prices rose 1.4 percent. The cost of fish is expected to rise to 10.5 percent by the end of 2022.