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Food Prices Jump 40-Year High, Blamed on Tariffs

6/3/2026

Summary

Story summary

Food economist David L. Ortega reported food prices are 3.2% higher than last year and over 30% above pre-COVID, with 2022 sharpest rise in 40 years.
Ortega blamed spikes on President Donald Trump tariffs, gas costs, and immigration limits on farm labor.
National Economic Council Director Kevin Hassett said rising consumer spending shows optimism despite costs, while Consumer Sentiment Index fell to lowest reading and Ortega urged political solutions.

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Story summary

Food economist David L. Ortega reported food prices are 3.2% higher than last year and over 30% above pre-COVID, with 2022 sharpest rise in 40 years.
Ortega blamed spikes on President Donald Trump tariffs, gas costs, and immigration limits on farm labor.
National Economic Council Director Kevin Hassett said rising consumer spending shows optimism despite costs, while Consumer Sentiment Index fell to lowest reading and Ortega urged political solutions.