People Will Be Insane When Food Prices Double Or Triple In The Dark Winter Ahead
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Epic Economist
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Americans are going to get furious when they hear this. After a year of paying the highest food prices in nearly four decades, industry insiders are warning that your grocery bill is set to shoot up even higher this winter – and the coming round of increases is going to be extremely painful! Fifty, sixty, and even seventy percent price hikes are no longer a threat but a reality millions of households in the United States are already facing. At this point, more than one in five American families is reporting food insecurity due to the skyrocketing costs, according to the results of a survey released yesterday by the Urban Institute.
Our domestic food production took a massive hit this year, and farmers are fuming with the situation, saying that things are definitely “not going to be okay”. Meanwhile, supermarket CEOs and restaurant chains are telling the public to buy and stock up on supplies while they still can because conditions are only going to get more complicated from here on. In other words
it’s time to get ready for a cold dark winter while our hard-working population gets increasingly fed up with the oppressive cost of living, and the abusive surge in food inflation may send some people over the edge. Winter is coming, and so is another price shock at grocery stores. Tens of millions of Americans are already struggling with empty shelves and inflated prices, and according to ReadyWise, an emergency food supply company, U.S. consumers shouldn’t ignore food shortage warnings because these alarming trends are expected to continue and worsen in 2023. What consumers are seeing when they go to the supermarket is deeply disturbing. A new report published by the New York Times revealed that shoppers are reporting 50 to 70 percent price increases at their local supermarkets.
Susan Pollack, a property manager from Marina del Rey, Calif., said that at her local Costco, a 5-pack of short ribs is almost 70% higher than a year ago, jumping from around $60 to $200 last month. I told my husband, ‘We’re never having short ribs again,’” she said. The bad news is that the next wave of price increases is expected to reflect the ripple effect of over 24 months of disruptions on our food supply chain and our domestic agricultural production. In plain English: prepare your wallets because another blow is coming.
Some of the nation’s leading food suppliers, farmers, industry insiders, supermarket CEOs, and restaurant chains are all sounding the alarm about winter price hikes. Food-maker and processor, Hormel Foods, shared an even more alarming forecast: Given that prices for corn and soybean meal for livestock feed surged more than 125% and 40%, respectively, prices at the store are going to go up accordingly this winter. If prices of grain, grain-based meals, and meat at our local supermarkets absorb even a fraction of these spikes, this means we are all in deep trouble.
“Food, at its basic level, is not discretionary,” Mark Hamrick, a senior economic analyst at Bankrate.com. “That’s the challenging aspect of the circumstances we are in. Consumers are prepared for high prices to persist in the foreseeable future, and it’s prudent for individuals to continue to be cautious with their household budgets,” he advised. “It’s belt-tightening time and has been for a while,” Hamrick said. Unfortunately, the mess has been made. The damages done to our food supply chain can’t be undone overnight, and right now, no matter what actions the government takes, life is going to get more expensive for all of us, and a lot more difficult for millions of low-income families out there. For more info, find us on:
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