Why The Prices Of Foods Will Remain High Despite Inflation Subsides
The Consumer Price Index points to a downshift in inflation, but food prices remain high, especially for some holiday necessities. In November, CPI rose 0.1%, below some economists’ expectations. Over the last 12 months, it increased by 7.1%.
According to a published post by Kansas Reflector, food rose 0.5% last month after gaining 0.6% in October. The food index increased by 10.6% from the previous year. According to Marketwatch’s analysis of government data, food prices rose 11.4% year-on-year in August, the highest since May 1979.
As explained by Ortega, the disrupted supply chain, the conflict in Ukraine, climate change, bird flu in US history, transportation costs, and growing consumer spending on groceries have all contributed to higher food prices.
Shoppers hoping for a little relief at the grocery store for their holiday meals will be disappointed by the Consumer Price Index released on Dec. 13. The CPI shows inflation cooling but food prices — particularly for some holiday staples — remain high. (Photo: Kansas Reflector)
Inflation Subsides: Food Prices Remain High
An assistant professor in the Department of Agriculture and Applied Economics at Texas Tech University, Donna McCallister said, that around this time of the year consumer product prices have always been on the rise, making the problem worse for many Americans this month.
On Nov. 23, Bankrate analyzed holiday costs and found that six-tenths of the highest-priced groceries were turkey, baked goods, eggs, flour, and ready-to-eat foodstuffs. Proposed by McCallister to each consumer and buyer to save money this holiday season is to go to the store for a particular meal. Also, buy a few items in bulk, or switch from name brand to store brand to save income.
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