Food prices in the US are rising at an alarming rate. Groceries have increased by 13.5% in the twelve months to September.
Shoppers are feeling the pinch as November’s elections near and wages slow down. When will it all get easier? Will high prices affect how people vote?
Why are the prices so high now?
Today, a carton of eggs in the US is more expensive than $3. This is more than double the price of the same carton at the beginning of 2021 when US President Joe Biden was elected. Beef and chicken prices are up almost 20% and bananas 10 percent respectively.
Edda Charbon, 78 years old, says that it is very difficult. According to the New Yorker, she finds herself often returning items she bought in the past to get them back. Even frying eggs can be expensive.
Prices rose after the pandemic. When dining out plummeted, groceries demand surged and Covid outbreaks caused production problems.
Companies passed higher costs to their employees, such as higher wages or more expensive fuel.
This year, however, the conflict in Ukraine caused shortages of fertilizer, wheat, and other crops. Global prices went up. Poor harvests have been caused by bad weather, and bird flu outbreaks have impacted egg supplies.
When will food prices fall?
Restaurant prices tend to go in one direction, up. However, grocery prices can sometimes fall.
However, for this to happen supply must be in line with demand.
This has brought some good news. In recent months, global food prices have declined while oil prices have dropped.
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