Grocery Store Prices Are Up
Is your New Year’s Resolution to stop going out to eat and instead eat at home more? Well, you may want to think again. A report by Goldman Sachs projects grocery prices to increase to as much as 6% this year alone, according to CNN.
Between December 2020 and December 2021, the Bureau of Labor Statistics reported a 6.5% increase in grocery prices. Meat prices increased 14.8%, chicken prices increased 10.4%, and eggs prices increased 11.1% in December 2021. There has not been a huge increase like this since December 2008. One reason why food costs are rising is that many farm supplies have increased in costs.
Analysts and researchers have theorized that the reason for the rise inflation of food costs is due to supply chain issues, worker shortages, and of course COVID-19. Along with prices going up, grocery stores are receiving less inventory. One Instagram user commented, “It’s starting to look like the grocery store needs to go to the grocery store.” With these numbers continuing to rise, it is almost questionable how the everyday person will be able to afford their groceries.