“I’ve never seen this before, finished consumer foods are up 31% 📈 Month over month…. I thought it was a typo but it’s the only item up double digits” –@steveliesman
— The Coastal Journal (@1CoastalJournal) December 12, 2024
“I’ve never seen this before, finished consumer foods are up 31% Month over month…. I thought it was a typo but it’s the only item up double digits” – @steveliesman
A 31% month-over-month increase in finished consumer foods is a shocking development, underscoring significant issues within the food supply chain and inflationary pressures affecting everyday life.
This surge in food prices is driven by rising costs for raw materials, transportation, and labor. Chicken eggs, for instance, have seen a 35% price jump since June, with prices reaching $3.65 per dozen in November, up from $2.70 in May. In Washington, D.C., egg prices range from $4.59 to $7.49 per dozen, with shortages often leading to higher prices for cage-free or organic options.
The rise in food prices is part of a broader trend, with food prices seeing their largest increase in almost two years. Beef and other staple foods are also feeling the pressure, creating additional financial strain for consumers. This inflationary environment is raising alarms among both consumers and policymakers.
Such significant price hikes remind many of the 1970s inflationary period, when food prices soared, contributing to economic instability. While the current spike isn’t as severe, it highlights the need for effective policy measures to mitigate inflation.
Grocery shoppers are feeling the pinch, with 70% expressing concern about rising grocery prices. This is a widespread issue, affecting households across income levels, even among higher-income families who are reporting increased grocery spending.
The sharp rise in food prices signals that inflationary pressures are far from easing. While policymakers work on solutions, consumers will continue to face higher costs for basic food items.
Sources:
https://www.usda.gov/sites/default/files/documents/AOF-2024-Harig_0.pdf
https://www.ibtimes.com/us-beef-herd-has-shrunk-40-since-1975-smallest-size-since-1961-3754688