The USBLS recently examined Consumer Price Index (CPI) trends since the COVID-19 pandemic in an effort to determine the main causes of increased food-at-home prices. The CPI breaks “food-at-home” into six categories:
· Cereal and bakery products
· Meat, poultry, fish and eggs
· Fruits and vegetables
· Nonalcoholic beverages
· Dairy products
· Other food (baby food, candy, condiments, cooking oils, dressings, frozen foods, peanut butter, seasonings, soups, sugar and other prepared foods)
While the study identifies numerous reasons for the price increases, it posits four main points:
1. Covid-19 – The pandemic caused supply chain issues, logistics issues, increased sanitation costs, and exacerbated the world-wide shortage of workers as laborers working in close proximity to one another passed along the virus.
2. Russia-Ukraine War – The war has led to an increase in fertilizer costs. These costs are not only passed on to the end consumer but have also caused an increase in the price of feed and grain for livestock. This in turn forced many farmers to cull their herds, increasing the beef supply and offsetting some of the increase in the price of beef.
3. Avian Flu – The flu affected almost 60 million egg-laying birds in the US alone. This caused a steady increase in the price of both eggs and poultry for over a year.
4. Favorable Weather – Fortunately, good growing weather kept the prices of fruits and vegetables from increasing as quickly as the other major food groups did.
For a more in-depth look at this study, you can read the full article here.
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A short introductory call for us to get to know one other. During this call we will discuss your financial goals, concerns and hopes for the future.
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