Food Prices to Soar 5 Percent on Average This Year: USDA

Shoppers are seen inside a supermarket in Chevy Chase, Maryland, on Feb. 17, 2022. Mandel Ngan/AFP via Getty Images

The U.S. Department of Agriculture expects food prices to soar 5 percent on average this year, marking the highest single-year surge since 2008, which is set to leave Americans forking out more for everyday food essentials.

In its monthly Food Price Outlook, the USDA said it has raised its estimate following two months of price surges “across many of the food categories.”