Inflation rates may be declining, but that doesn’t mean Americans still don’t pay an arm and a leg for food at the grocery store.
According to the Consumer Price Index (CPI), food prices rose 0.4 percent in January from December, a steep incline from the 0.3 percent rise from a year ago. Since President Joe Biden took office in January 2021, there has been a 17 percent plus increase in the inflation rate.
A report by the Buckeye Institute predicted that Biden’s “climate agenda” will have a long-lasting impact on the nation’s ongoing inflation crisis.
The “Net-Zero Climate-Control Policies Will Fail the Farm” report states that American families will see a $1,300 increase in their grocery bill each year the president’s agenda is enacted.
More from the report via the Epoch Times:
“Complying with net-zero emissions policies and corporate ESG reporting requirements will increase prices of farm inputs, the costs of which will ultimately be passed onto consumers at grocery stores and restaurants,” the report states.
This is where the left is going, trying to get to net zero,” Rea Hederman, executive director of the Buckeye Institute’s economic research center, told The Epoch Times. And the costs imposed on farmers are in addition to price hikes from inflation, weather, or other factors that typically impact food prices. The fact that the federal government printed too much money, this is on top of that,” Mr. Hederman said, “and it’s a sustained increase, not a temporary fluctuation in food prices because you’re building higher baseline operating costs that are going to be permanent for farmers going forward.”
It’s important for people to understand that when you’re raising costs to farmers, that is being passed on to consumers of food, and some types of food are going to be impacted more,” Mr. Hederman said. “So, for example, beef is going to go up more than oranges because if you’re raising the cost of corn, that’s an input to beef, so beef suffers a double whammy.”
The report found that Biden’s climate agenda will cost American households an extra 15 percent increase. The cost base of farms will also cost at least $257,000, compared to $192,000.
One of the first days of Biden’s presidency, he recommitted the U.S. to the Obama-era United Nations Paris Climate Accords— which agrees that the country will cut its greenhouse gas emissions by 50-52 percent by 2030 and reach economy-wide net-zero emissions by 2050.
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