Friday, December 9, 2022

"20 Food Items Americans Can't Afford Anymore"

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"20 Food Items Americans Can't Afford Anymore"
by Epic Economist

"It's pretty evident to everyone that things are hard out there. With consumer prices at the highest level they've ever been this entire generation, desperately low wages, and persistent supply chain problems, it seems like we're all struggling to make ends meet and trying to stretch our dollars as far as we can these days. A brand new survey released yesterday by retail technology platform Swiftly found that nearly 70% of Americans are struggling to pay their grocery bills, and around 83% are currently relying on some form of coupons or loyalty program to put food on the table.

Over the past year, food inflation rose by 12.4%. But we're all seeing much steeper price increases at our local stores. Some grocery items have doubled or tripled in price in recent months. For example, eggs, one of the most versatile foods we can find out there can be prepared in a number of ways or incorporate them into many different recipes. Plus, they’re an important source of protein and collagen – two substances that are essential for the good functioning of our bodies. But who could ever imagine that in a couple of years eggs prices would rise up to 125% in some stores? Official inflation numbers say that on average egg prices rose by almost 40% this year, but many of us are seeing the cost of this staple going even higher at our local supermarkets, and that’s because consumer demand is oftentimes outpacing the available supply. Unfortunately, the era of cheap eggs is over, and more price increases are expected in 2023.

And now several food manufacturers are warning that a new round of price hikes is coming in 2023. Sadly, millions of families out there are already having to make some tough decisions and cut some of their favorite foods from their grocery lists as their monthly budgets continue to shrink. With the cost of basic staples rising to such unreachable levels, it’s getting harder and harder to find ways to save on food costs. Research conducted by food retail company My Patriot Supply earlier this year revealed that 4 in 10 Americans are already skipping meals to be able to provide food for their kids. If anyone told us back in 2020 that things would get to this point in a span of less than three years, we would think that person was out of their mind. 

But reality has become too hard to believe, and yet we’re seeing things getting even more complicated with each passing day. All food that wasn’t planted and harvested in 2022 due to soaring costs of fertilizers, diesel, farming equipment, and extreme weather will be translated into extensive shortages in the year ahead. We are being warned about this for months, and now we’re starting to witness just how bad conditions are about to get for all of us. We should all brace for even higher food prices in 2023, folks. What we’ve seen so far is just the start. Today, we compiled some of the products that experienced the highest spikes in prices and that are becoming increasingly unaffordable for virtually all Americans."

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