The food companies are off to a terrible start in 2022, and consumers throughout the country are feeling the repercussions more and more each day.
Recently if you've been to the supermarket, you've probably noticed that many item prices have risen and shelves have become more bare. It is a nationwide problem that affects us.
According to the most recent food price index report, food prices have skyrocketed nationwide in the last year, showing that food prices are currently the highest.
According to IRI (Information Resources, Inc.) data, prices for certain items such as meat, fish, fruit, and grain increased by 9% last year.
Meanwhile, recently, some big companies like Maxwell House (Coffee), General Mills, Campbell Soup, and Procter & Gamble have increased their grocery prices. Customers have seen price rises on a variety of other popular products.
According to CNN, the price of coffee has increased by more than 4.6% over the past year and is expected to remain high through next year.
According to the Bureau of Labor Statistics, egg prices have risen by around 21% due to higher production, manufacturing, and shipping expenses.
According to a recent survey, 37% of customers are "extremely worried" about supermarket shortages of pet food, paper goods, and cream cheese items.
Many food commodities are reaching multi-year highs this year, owing to pandemic-related shipping and transportation issues, as well as bad weather in significant production locations. This has contributed to an increase in food costs in general, fueling inflation worries. A United Nations index of food prices has reached a decade high.
Experts predicted that food shortages would continue to have ups and downs, but maybe by the half of 2022, we will start to see some normalization.
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Disclaimer: This article is only for educational and informational purposes.