{"id":9725,"date":"2022-04-29T09:35:34","date_gmt":"2022-04-29T13:35:34","guid":{"rendered":"http:\/\/10.130.206.81\/?p=9725"},"modified":"2023-02-10T14:43:48","modified_gmt":"2023-02-10T19:43:48","slug":"food-inflation-and-how-to-cope","status":"publish","type":"post","link":"http:\/\/10.130.206.81\/2022\/04\/29\/food-inflation-and-how-to-cope\/","title":{"rendered":"Food Inflation: What’s Behind it and How to Cope"},"content":{"rendered":"
As measured by the Consumer Price Index for food at home, grocery prices increased 3.4% in 2020, a faster rate than the 20-year historical average of 2.4%.1More recently, food inflation accelerated by 6.5%during the 12 months ending in December 2021, while prices for the category that includes meat, poultry, fish, and eggs spiked 12.5%.2<\/p>\n
Food prices have long been prone to volatility, in part because the crops grown to feed people and livestock are vulnerable to pests and extreme weather. But in2021, U.S. food prices were hit hard by many of the same global supply-chain woes that drove up broader inflation.<\/p>\n
The pandemic spurred shifts in consumer demand, slowed factory production in the United States and overseas, and caused disruptions in domestic commerce and international trade that worsened as economic activity picked up steam. A shortage of metal containers and backups at busy ports and railways caused long shipping delays and drove up costs. Severe labor shortages, and the resulting wage hikes, have made it more difficult and costly to manufacture and transport many types of unfinished and finished goods.3<\/p>\n
As long as businesses must pay more for the raw ingredients, packaging materials, labor, transportation, and fuel needed to produce, process, and distribute food products to grocery stores, some portion of these additional costs will be passed on to consumers. And any lasting strain on household budgets could prompt consumers to rethink their meal choices and shopping behavior.<\/p>\n
The U.S. Department of Agriculture expects food inflation to moderate in 2022, but no one knows for certain how long prices might stay elevated.4 In the meantime, it may take more effort and some planning to control your family’s grocery bills.<\/p>\n
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1, 4\u20135) U.S. Department of Agriculture, 2021 \r\n2) U.S. Bureau of Labor Statistics, 2022 \r\n3) Bloomberg Businessweek, September 15, 2021\r\n\r\n<\/pre>\nPrepared by Broadridge Investor Communication Solutions, Inc. Copyright 2022<\/h5>\n
Non-deposit investment products and services are offered through CUSO Financial Services, LP (\u201cCFS\u201d) a registered broker-dealer(Member FINRA\/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA\/NCUSIF or other wise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS for investment services. Atria Wealth Solutions, Inc. (\u201cAtria\u201d) is a modern wealth management solutions holding company. Atria is not a registered broker-dealer and\/or Registered Investment Advisor and does not provide investment advice. Investment advice is only provided through Atria\u2019s subsidiaries. CUSO Financial Services, LP is a subsidiary of Atria.<\/h5>\n","protected":false},"excerpt":{"rendered":"
As measured by the Consumer Price Index for food at home, grocery prices increased 3.4% in 2020, a faster rate than the 20-year historical average of 2.4%.1More recently, food inflation accelerated by 6.5%during the 12 months ending in December 2021, while prices for the category that includes meat, poultry, fish, and eggs spiked 12.5%.2 Food […]<\/p>\n","protected":false},"author":1,"featured_media":9730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47,50],"tags":[],"yoast_head":"\n
Food Inflation: What's Behind it and How to Cope - Widget Financial<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n\t\n\t\n