Industry data show that Americans are spending more on food, and in a sign of the times, that is driving up food prices amid the sharpest bout of inflation in the U.S in 40 years.
Factoring in both grocery store and restaurant purchases, food prices in March were up nearly 9% from a year ago amid surging demand over the last year, according to BofA Securities analyst Alexander Lin.
While most of what Americans spend on food has more to do with marketing and other expenses unrelated to U.S. farms, costs are still rising up and down the supply chain, Lin noted.such as fertilizers and pesticides has risen 50% over the past year, with the war in Ukraine adding further pressure as Russia is a major exporter of nitrogen, potassium and phosphorous fertilizers. Rising energy and transportation costs impact many things, food included.
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