Posted on 12/12/22
| News Source: Daily Mail
Americans are paying nearly 40 percent more for vegetables this year than in 2021 - and experts blame climate change and the nation's ongoing inflation.
A new report from Bloomberg states the increase in cost is due to states that grow fresh produce seeing water cuts because of drought and storms destroying crops.
Arizona, which produces 90 percent of leafy greens in the US, experienced its worst drought in 1,200 years due to dramatically low water levels in the Colorado River.
Farmers in the state will not find relief with the new year, as government officials are set to reduce Arizona's water intake from the Colorado River by 21 percent starting January 1.
California, the top agriculture state, was also hit by severe drought, while Hurricane Ian ravaged Florida and Nicole this year - these disasters combined resulted in a $5 billion loss in crops.
Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, said it was 'notable that trend for core [inflation] was moving down from August [through] October, but reversed higher in November.'