Farmer predicts worse food shortages, higher prices in 2023 amid inflation, drought, interests rate hikes

The US is in the midst of a major food security threat, Tennessee dairy farmer says

Teny Sahakian / Fox News

 

Drought, supply chain shortages and the rising cost of doing business led to a difficult 2022 for American farmers, but 2023 could be even worse, a fourth-generation dairy farmer said. 

"I definitely think we have a food security threat," Stephanie Nash, a Tennessee farmer and agriculture advocate told Fox News. "I believe 2023 is going to be rough. Worse than this year."

Food prices have been outpacing overall inflation in 2022 as November food prices showed a 10.6% increase compared to last year, while overall inflation hit 7.1%, according to the Bureau of Labor Statistics. 

A number of factors have contributed to rising food prices, including fertilizer and fuel shortages, extreme weather conditions and rising interest rates in an industry that relies on debt financing, Nash said. Read more see chart and videos here.