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Finance Today, 1/16/23:
"15 Food Items That Will Be Priceless In 2023"
"Many American households worry about grocery prices. We're experiencing price rises significantly higher than the official food inflation rate. While government authorities say we're paying 15% more on groceries, some staple products have risen over 100% this year.
Quartz reports that worldwide oat prices are climbing faster than oil. No surprise store-brand oats went from $1.99 to $3.99. Oatly, one of the world's major oat milk producers, predicts rising pricing due to limited supplies. Pineapples rose 78% since 2020 owing to rising costs of basic inputs such carton boxes for transport, fertilizers, machinery, and manpower shortages at farms. In 24 months, canned pineapples rose 120% from $0.79 to $2.22 due to an aluminum scarcity. Indonesia, Thailand, and the Philippines, which produce 75% of the world's pineapples, have experienced record drought, flooding, and pests. Lower supplies mean higher costs.
As refined flour prices rise, many shops are tripling the price of a quick and easy recipe. Unfortunately, soaring flour prices will continue to affect the pricing of many of customers' favorite foods. Guinevere M wrote on a Facebook group: “The other day I went to buy a pack of ramen that used to be 25 cents. Great for pre-paycheck meals. Finds quarters. I almost fainted when I saw it was 45 cents after not buying any. 45 cents? It covers the whole issue. Prices pole vaulted."
Farmers, food manufacturers, and retailers warn us that many supermarket products will cost higher in 2023. Consumer prices rose longer than expected. Events that affected our food supply networks throughout the year are making the outlook for the next few months even more unsettling.
After two years of price fluctuations, American consumers deserve positive news to start the new year. Many may agree that honesty is better than false hope, and while our leaders continue to ignore the reality of the challenges U.S. families are facing, we have a promise to our audience to constantly present the news no one else appears to be talking about. Today, we highlighted 20 grocery goods that food industry experts predict could see major price spikes in the near future. We feel the best way to prepare for these dramatic price swings is to get ahead of them before they ripple through the system."
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