I went to the grocery store Saturday and discovered that the in-store ground beef had gone from $5.49 to $6.79 per pound in about 2 weeks. Bananas are about $0.20 more per pound. Tomatoes were $1.29 more per pound. Gasoline was $3.70 per gallon today.
Which prices are going up the most? Why?
“Higher costs for labor, freight, and ingredients are reflected in rising prices, food industry executives said, so nearly all food is affected. The prices of meat, fish, and eggs have risen the most, increasing 12.2% over the past year, according to the Bureau of Labor Statistics,” wrote Jaewon Kang in the Wall Street Journal. I know this is true because there was a shortage of bone-in, skin-on chicken breasts at my local grocery, and chicken wings were priced at more than $4.00 per pound.
Penelope Wang, writing for ConsumerReports.org says,” To help keep your food budget under control, take full advantage of any promotions to stock up your freezer and pantry. You can also save significantly by sticking with discount stores, such as Costco and Trader Joe’s, as well as private-label brands, says Burt Flickinger III, managing director at Strategic Resource Group, a retailing consulting company.”
Auto prices are also up, with severe shortages of new cars. My local Ford dealership had a few EcoSports and F-150 trucks, some of which were former loaner vehicles. Most of their inventory was used cars and trucks. My local Toyota dealer had nothing in a new hybrid or electric SUV. Wang writes, “Prices for new cars and trucks are up 12.2 percent over the past year, driven by pandemic-related factory shutdowns, as well as a shortage of computer chips. Used-vehicle prices have climbed 40.5 percent.”
Read HERE for saving money tips.