Today, the 9.1% inflation rate is higher than it’s been in decades. Inflation has been a consistent thorn in Americans’ side, despite the White House previously saying it would simply be transitory.
Inflation’s rise comes despite the Federal Reserve increasing interest rates on the basis of this being meant to lower prices. As inflation grows, everyday Americans are finding themselves with fewer options. This means people are making serious and often uncomfortable lifestyle changes.
Collectively, most Americans are looking forward to prices going down to even a somewhat reasonable rate. Unfortunately, farmers are warning the country isn’t even close to being out of the woods yet.
More Inflation Coming Soon
Shay Myers works as a farmer and also owns Idaho’s Owyhee Produce. During a recent interview with Newsmax, he provided some new insight into food prices and what’s waiting for the general public.
According to Myers, farming is 34% to 35% more expensive than it used to be. Meanwhile, everyday Americans are only facing about one-third of the price increase that farmers experience.
Later, Myers told Newsmax that it’s inevitable for Americans to see the roughly 11% uptick in food production costs reach the 34% to 35% rate that farmers face. He then explained farmers have no choice but to raise costs because they’re working on a tight budget.
The White House's latest response to Americans not being able to afford food with inflation is literally 'you're doing great because it's not famine.' 🤦♂️
FUCK THESE PEOPLE. pic.twitter.com/TXjuZeNIBH
— Tim Young (@TimRunsHisMouth) July 27, 2022
It also doesn’t help matters that as farmers deal with a profit margin of no more than 9%, necessary supplies are getting more expensive. If farmers don’t pass along greater expenses to consumers, they won’t be able to work at all.
Myers’ predicted that Americans will see costs rise within the next six to nine months. At the same time, he revealed foreign buyers from nations like China are buying up farmland at notable rates.
This is something Myers warned America should vet very carefully.
Food Shortages Coming Soon?
Months ago, Joe Biden warned Americans should prepare themselves for food shortages. With the nation in a recession and with food prices set to rise even more, Biden’s warning appears to be panning out.
Thank you to our incredible farmers who work hard to provide food for our communities despite skyrocketing inflation — which puts less money in their pockets. pic.twitter.com/bE6yiqKhue
— Sen. Marsha Blackburn (@MarshaBlackburn) July 30, 2022
When food is more expensive and in shorter supply, this will price more Americans out of being able to afford grocery store trips.
Meanwhile, the White House is preparing to pass yet another costly spending bill, this one dubbed the Inflation Reduction Act.