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"20 Food Products Getting More
Expensive In The Months Ahead"
By Epic Economist
"We've just gone through a year of record food inflation, and now we're being told to brace for further price increases at the grocery stores as retailers and manufacturers cope with a series of challenges that go from reduced supplies to higher transportation costs to explosive commodity costs. In fact, the latest Food Price Report released on Monday estimates that food prices will see a 7% increase on top of the 10.4% growth seen over the past twelve months. That will add hundreds or even thousands of dollars to the average family’s annual expenses, says Samantha Taylor, one of the researchers behind the report.
“Living is expensive, and we are not bringing good news,” Taylor stresses. The report projects that price hikes will occur across all food categories. Researchers noted that the typical American family of four is oing to be forced to shell out an average of $16,288 on food over the course of 2023 - an increase of $1,065 from this year. A two-adult household will spend $7,711, a jump of more than $500 from 2022.
Consumers are starting to notice that even cheaper meat options are facing some disturbing price increases lately. Tyson Foods, Conagra, and other meat processors have actually notified their retail customers in recent weeks that they will hike prices in January for frozen and refrigerated meats. Some of the products that will see increases include Ball Park hot dogs and burgers, State Fair corn dogs, Jimmy Dean frozen breakfast, Hillshire Farm sausage, and lunch meat, and Hebrew National and Oscar Mayer hot dogs, according to supplier letters to wholesale customers viewed by CNN Business. "All the packaged meat suppliers are coming to the price increase party," said one industry insider who spoke on the condition of anonymity to protect their company's relationship with suppliers. The price increases will range from 10.9% to 12.6%, CNN reports.
Soaring chicken prices are also making consumers turn to cheaper options, and chicken nuggets have become a staple in many households. Sales have grown by 50% in the third quarter of 2022. But, unfortunately, a shrinking chicken flock and competition with restaurants and fast-food chains are making the price of this consumer favorite jump by 10.9%, and further increases are expected later this year as supplies continue to contract. Even major chains like Burger King are suffering from those price swings. A few months back, the chain announced that it was going to reduce the number of nuggets in meals from ten pieces to 8, and also that consumers would have to pay more to get them. Similarly, Yogurt king Danone just revealed plans of hiking prices over the next couple of months, and other food makers are likely to follow suit. A smaller national cow herd is driving milk production to the lowest levels in almost a decade. Consequently, manufacturers competing over the available supply and that competition is also contributing to a spike in prices. After rising by nearly 14% over the past 12 months, yogurt prices can see another 9% to 11% increase in the first half of 2023.
We hope you have prepared for the grocery shortages and “price readjustments,” companies and retailers have been warning about. But if you didn’t, it’s not too late if you start now. With all that said, we decided to list some of the items that will be seeing price spikes in the next few weeks and months."
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