Food Prices Skyrocket: Your Restaurant Bill Will, Too
Food prices rose 3.9% last month, marking the biggest jump in 36 years, which is certain to affect the groceries people buy and the restaurants they dine at.
The Labor Department’s Producer Price Index for February rose 1.6% — the largest increase since June 2009. About 70% of the rise in food prices is from higher prices for fresh and dry vegetables, which jumped 48.7%.
Much of the increase in food costs can be attributed to rising crude oil prices, and climate change that creates erratic weather conditions and leads to smaller crop yields, said Will Boland, chief administrative officer at Sageworks, a company that follows trends in privately-held businesses.
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