Grocery Bills Are High – and Going Higher
People wondering what to spend that stimulus check on might want to look at stocking up on non-perishable food as prices at the checkout keep getting higher. And it doesn’t look like relief is in sight.
We can’t blame any one administration as this has been brewing for 9 months now. Global food prices have slowly been on the rise and have taken a 2.4% increase just in the last month.
Adjusted for inflation, prices are at their highest point since 2014. With grains, vegetable oil, and sugar being the biggest spikers.
It may look like the United States has better insulation from the inflated prices but experts warn that it will catch up to us. Countries like Nigeria, Russia, Indonesia, Chile, and Brazil are getting hit hard with prices rising 50% in sectors like sugar, beans, and dairy.
Being in a pandemic lockdown for a year did nothing to help the situation. Lawrence Haddad, the executive director for the Global Alliance for Improved Nutrition called it a “wrecking ball” per Axios.com.
Conagra Foods and General Mills have also floated a price hike on many of their products. Oh, oh, Spaghettio's.
The next few months will be crucial to watch. Food insecurity is up over 35% since 2018 and could go much higher this year.
Maybe that lady in front of you at the grocery store holding the line up with her endless stream of coupons really is on to something.
LOOK: 50 photos of American life in 2020
LOOK: Famous Historic Homes in Every State