Food prices are going to be up by as much as 40% or more within the next 12 months. Is it the right time to stock up?
The short answer is no.
Stocking up will cause even more food shortages that grocery stores around the country are dealing with, due to supply chain issues, lack of truck drivers, and other potential issues.
What can you do is stay informed.
Knowing that the cost of food can potentially go up in the next year means you have time to prepare.
Does this mean stocking up?
But, you can add a little more to grocery shopping haul every time you shop. This means adding a few more canned goods to your shopping trip this week and maybe adding a few non-perishable foods to your next trip, so on and so forth.
Prices are already on the rise in some parts of the world like Canada, where shoppers have been forced to change their shopping habits.
What causes the price of food to rise?
Supply chain problems?
The answer is all of the above.
It's enough for one of these critical elements to impact the supply chain but all three can have a bigger impact, as you can expect, causing prices to inflate.
Have you noticed a change?
According to the U.S. Bureau of Labor Statistics, consumer food prices rose nearly 5% for the year ending May 2020.
Did you notice a change in the cost of food up until now? Because it's been slowly climbing already.
There's also been supply chain problems for a while.
Notice any empty shelves in the grocery store you shop? Any gaps where products are supposed to be in the baby aisle, meat section, or other areas of the grocery store?
We're already dealing with these changes.
There was a price hike of 0.4% in August, compared to July, in a report that came out recently.
What's the bottom line?
Food costs might continue to rise. The truth is, it's already been happening.
There's no need to panic.
Stay informed and if you want to save a little money, adding a little to your grocery list every time you shop won't be a devastation to the food supply like what we experienced when there were week-long shortages in toilet paper, water, canned goods and other foods when the pandemic started.
What do you think about the rising food costs?
Share your opinion below in comments.
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