Farmers are facing a variety of cost pressures, including extreme weather, supply chain issues and geopolitical tensions, all of which are driving up food prices.
supply chain disruptions, Wells Fargo economist Charlie Dougherty told FOX Business.
Grocery prices have continued to rise rapidly, soaring 13.5%, which marked the biggest annual increase since 1979.in particular, have skyrocketed, jumping nearly 17% in the past year, according to unadjusted government data. Meanwhile, meat prices have risen 6.7% from a year ago. and unseasonably cold temperatures have not only reduced crop yields, but also lowered pasture quality, Dougherty said. On top of that, fire risks have increased as water resources have become strained.
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