An ag economist expects recent inflation within grocery stores to slow down over the next several months. The president of private consulting group Agricultural Prospects, Robert Young, tells Brownfield much of the accelerated inflation is because of consumer spending returning following the pandemic and increasing because of government stimulus.
“We might go through a couple, three maybe months of a little bit more price acceleration than we’re used to,” he said. “But I think by the fourth quarter [into] 2021 I would expect to see those price increases to moderate.”
He said high prices are their own solution and will likely cause increased production which will reverse prices.
