According to recent data from the Bureau of Labor Statistics, U.S. food costs spiked 11.4% over the past year, accounting for the largest annual increase since May 1979. A recent CNN article also reported on the issue, noting that food prices continue to soar. If you think your grocery bill is likely to go down in the near future, think again.
You are probably aware by now that the food items at your local grocery store have been on the rise for months. As stated above, food costs have risen by 11.4% compared to what they were just one year ago. The numbers below show the increase in price (over the past year) for popular food items.
According to CNN, there are three main reasons for the increase in food prices. These are:
We have been watching the rise in food prices for a few months now and it’s unfortunate. A concern is the reality that the demand for food is not really that flexible. Unlike gas where people can drive less or opt for public transportation, people have to eat. Granted, you can try to change your diet and have it include cheaper food items, but we all still need to consume basic things like fruits, vegetables, bread, eggs, and meat and poultry.
But as the table above depicts, the price of all these items has increased significantly. An unfortunate result is that we’re kind of forced to just deal with the inflation and wait it out. Note, though, that you can try to shop on Amazon and Walmart.com to help lower your food bill as certain items tend to be cheaper on both of these platforms. And, if you are food manufacturer, Brand Focus Digital can help!
Brand Focus Digital helps manufacturers sell their products easier and more efficiently on Amazon and other online retailers - in North America and across the globe. We work tirelessly and diligently with the makers of (and not limited to):
BFD’s talent has decades of experience working at Amazon as well as other online retailers. In partnership, we deliver comprehensive solutions to maximize profits for your brands. Contact us now to get the help that truly makes a difference.
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