Inflation isn’t just a term economists throw around in boardrooms; it’s a reality that hits close to home, especially when you see the soaring prices at your local grocery store. Over the past year, there has been a noticeable spike in the cost of several key food products.
Multiple factors have contributed to this surge, including geopolitical tensions, global supply chain disruptions, and shifts in consumer demand following the COVID-19 pandemic. Here’s a breakdown of seven grocery items that have recently seen significant price hikes:
Global conflicts, especially the war in Ukraine — a major exporter of grains and oilseeds — has significantly impacted the cost of grain products. Cereals and similar products have seen a whopping price jump of 10.7% over the last 12 months.
Frozen Fruits and Vegetables
The prices of frozen produce have not been spared. There’s been an 11.8% increase in the cost of frozen fruits and vegetables, making those quick and convenient meal additions a bit pricier.
Noncarbonated Juices and Drinks
Whether it’s your morning orange juice or a refreshing afternoon beverage, consumers should expect to pay more. Prices for these drinks surged by 16.3%.
Candy and Chewing Gum
Satisfying that sweet tooth now comes at a higher cost. Over the past year, candy and gum prices rose by 11.1%.
A staple for many when it comes to baking or spreading on toast, margarine has seen its price increase by 11.3%.
Fresh fruit hasn’t been immune to inflationary pressures. The price of apples, a staple in many households, increased by 7.5%. A combination of harvest timings and increased shipping costs due to higher oil prices and labor shortages likely contributed.
While not specific to a single item, it’s worth noting that processed foods in general saw prices rise at a faster rate. This could be attributed to disruptions in labor and the production chain.
For consumers, these increases can significantly impact the household budget. It’s crucial to be aware and possibly consider alternative products or brands, or even embrace local or seasonal produce, which might be more insulated from global supply chain disruptions.
However, not all prices have risen; some food items, like bacon, pork chops, chicken, eggs, and milk, have seen price reductions. But as external factors continue to play out on the global stage, it remains to be seen how long the current inflationary trend will last and which products will be affected next.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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