The U.S. Department of Agriculture has announced $2.1 billion in new funding to help with the current food supply chain issues. These funds will help with infrastructure, initiatives to expand small- and mid-sized processing plants, assist farmers shifting to organic production and more, according to Bloomberg News. Food inflation is only going up and this is just a start to helping with this issue. The national baby formula shortage is another symptom of the food supply chain problem. As reported by Bloomberg News, “grocery prices in April were up 10.8% from a year earlier, the highest annual increase since November 1980, when Jimmy Carter was in the White House”.
These initiatives should slowly help reverse the growing inflation in the food/grocery industry. The U.S. Department of Agriculture also announced $400 million to create regional food business centers to support small and mid-sized farms and food processors.
Biden’s administration is being pushed in many different ways to create financial support for the strained supply chain, COVID-19 relief, and many other issues happening in and around the United States.