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Friday, December 23, 2022
With inflation standing at 8.3% year-over-year in April, everyday items are becoming pricier for U.S. consumers. Inflation is predicted to be worse in developing economies, where price increases are projected to reach 9.9 percent on average over the course of this year.
Countries experiencing conflict, and economic problems in 2022 are expected to see inflation rates far above the global average of 8.8 percent. Among them are Venezuela, Sudan, Zimbabwe, Turkey, and Argentina
Food prices in particular took some significant steps up, as seen in the example of shopping for hamburger ingredients. Meats, particularly ground beef and bacon, have seen significant price increases in the past year. In contrast, the price of tomatoes has only slightly increased, and fresh vegetables have experienced the lowest rate of inflation among food categories.