• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
Experts: Another ‘Substantial’ Jump in Food Prices Is Coming

Experts: Another ‘Substantial’ Jump in Food Prices Is Coming

February 10, 2022
Democrat Rep Jumps Down Throat Of CNN Host For Asking Her About Voters’ Negative Views About Party

Democrat Rep Jumps Down Throat Of CNN Host For Asking Her About Voters’ Negative Views About Party

May 27, 2025
House GOP Puts Democrat Mayor Under Microscope For Allegedly ‘Aiding And Abetting’ Illegal Immigration

House GOP Puts Democrat Mayor Under Microscope For Allegedly ‘Aiding And Abetting’ Illegal Immigration

May 27, 2025
NPR Sues Trump, Claims Cutting Its Taxpayer Funding Amounts To ‘Free Speech’ Violation

NPR Sues Trump, Claims Cutting Its Taxpayer Funding Amounts To ‘Free Speech’ Violation

May 27, 2025
EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

May 27, 2025
‘Big, Beautiful’ Bill’s Policies Prove Popular In Key House Districts, Poll Shows

‘Big, Beautiful’ Bill’s Policies Prove Popular In Key House Districts, Poll Shows

May 27, 2025
‘No Such Thing As Santa Claus’: Socialist NYC Mayor Hopeful’s $10 Billion Wish List Meets Reality

‘No Such Thing As Santa Claus’: Socialist NYC Mayor Hopeful’s $10 Billion Wish List Meets Reality

May 27, 2025
‘Crypto King’ Allegedly Tortured Man in NYC Townhouse in Demand for Bitcoin Access

‘Crypto King’ Allegedly Tortured Man in NYC Townhouse in Demand for Bitcoin Access

May 27, 2025
US Consumers Now More Optimistic, Ending 5 Straight Months Of Decline In Confidence Index

US Consumers Now More Optimistic, Ending 5 Straight Months Of Decline In Confidence Index

May 27, 2025
Energy Costs Now ‘Main Issue’ For US Ally That Barred Nuclear Power

Energy Costs Now ‘Main Issue’ For US Ally That Barred Nuclear Power

May 27, 2025
Student Outraged Over ‘Cowardly’ And ‘Inoffensive’ Commencement Speaker Kermit The Frog

Student Outraged Over ‘Cowardly’ And ‘Inoffensive’ Commencement Speaker Kermit The Frog

May 27, 2025
DHS Revokes Harvard’s Ability To Host Foreign Students

DHS Revokes Harvard’s Ability To Host Foreign Students

May 27, 2025
‘A Man Who Wants Results’: Trump And Kremlin Agreed To Prisoner Exchange, Russian Foreign Minister Says

‘A Man Who Wants Results’: Trump And Kremlin Agreed To Prisoner Exchange, Russian Foreign Minister Says

May 27, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Tuesday, May 27, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

Experts: Another ‘Substantial’ Jump in Food Prices Is Coming

by Western Journal
February 10, 2022 at 7:37 am
in News
250 2
0
Experts: Another ‘Substantial’ Jump in Food Prices Is Coming

People shop for groceries at a supermarket in Glendale, California January 12, 2022. - The seven percent increase in the Labor Department's consumer price index (CPI) over the 12 months to December was the highest since June 1982, as prices rose for an array of goods especially housing, cars and food. (Photo by Robyn Beck / AFP) (Photo by ROBYN BECK/AFP via Getty Images)

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Americans have seen a significant rise in the cost of groceries throughout 2021. Now economists are warning that trend won’t be changing any time soon.

With inflation rates hitting record highs in 2021, that rippled throughout the economy and directly impacted consumers.

The consumer price index climbed seven percent in 2021, which was the largest 12-month hike since 1982, according to the Bureau of Labor Statistics data.

This overall inflation is directly hitting the cost of food. Goldman Sachs just reported new projections for how groceries prices will start spiking soon, CNN reported.

The economists from the Wall Street investment firm reported that the food-at-home category of the CPI will likely increase by another five to six percent this year. Already there has been a six percent jump in food commodity prices and a significant increase in the costs of farming necessities (like a quintupling in the cost of some fertilizers).

Between high demand from consumers, a supply chain crisis and low crop yields, food commodities have risen about 40 percent over the past two years. This then led to significant price markups for the food on the grocery shelves.

“The stage has been set for further substantial increases in retail food prices this year,” Goldman Sachs economists wrote in the report, according to CNN.

The inflation and price increases do not come as a complete shock, though.

At the end of 2021, many economists predicted significant price increases in the food industry as inflation and the supply chain crisis plagued the nation.

In December, Fortune spoke with economists who predicted this scenario.

“Inflation is outpacing increases in household income and weighing heavily on consumer confidence, which is at a decade low. It is only a matter of time before it impacts consumer spending in a material way,” Greg McBride, Bankrate’s chief financial analyst, told Fortune.

Over the past two years, as the pandemic dragged on, grocery prices in the consumer index jumped 11 percent. Goldman Sachs said this is the fastest pace seen for price increases since the financial crisis, CNN reported.

The United States Department of Agriculture forecasted that everything from pork, beef, poultry and fish to dairy, fruits and nonalcoholic beverages will go up.

Most meats will see about a three to four percent price increase. Dairy products will likely go up about 1.5 to 2.5 percent. Sweets will go up two to three percent. Fresh vegetable prices are expected to go up between 1.5 and 2.5 percent, the USDA reported.

These large and fast increases in prices are leaving supermarkets and consumers reeling, the Wall Street Journal reported in December.

Some grocers have tried to challenge suppliers on price hikes and have delayed increasing the prices on the shelves when they can.

“We received a letter from a vendor announcing price increases next month. We haven’t put into effect price increases they’ve given us this month,” Reynolds Cramer, chief executive officer of Fareway Stores Inc., told the Wall Street Journal.

“Taking price increases is never a good outcome,” Stuart Aitken, chief merchant and marketing officer for Kroger Co., said.

But as Tony Sarsam, chief executive officer of food retailer and distributor SpartanNash Co. told the Wall Street Journal, “There’s nothing immune from price increases.”

This article appeared originally on The Western Journal.

Tags: Department Of Agriculture USDAFoodfood-scarcityInflationU.S. NewsUSDA
Have you seen large price increases at your grocery store?

Completing this poll entitles you to our news updates free of charge. You may opt out at anytime. You also agree to our Privacy Policy and Terms of Use.
Yes: 100% (4 Votes)
No: 0% (0 Votes)
Share196Tweet123
Western Journal

Western Journal

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th