Experts warn of long-term economic hardship as food prices continue to soar: 'Consumers are urged to be proactive'
These days, a trip to the grocery store generally means a big expense — and it's an expense that only seems to only be getting bigger. While the signs for improvement any time soon are not looking good, there is hope for an eventual recovery, according to The Pinnacle Gazette.
All kinds of consumer goods are feeling the squeeze, from retail to energy. As the United States Bureau of Labor Statistics reported, the Consumer Price Index — which is a standard measure of the economy across the board — rose 3% in total this past year.
Beyond that, in 2022 it had risen by 7.5% — primarily on the heels of the coronavirus pandemic and Russia-Ukraine war and related supply-chain issues — producing the highest level of inflation the U.S. had seen since 1982, the bureau explained.
According to the Gazette, meat and dairy prices have increased by double digits. Unfortunately, everyday people bear the brunt of the impact. Many families cannot keep up with inflation — or have poor access to quality food to begin with — and have to sacrifice buying healthy food for cheaper options as a result.
Given this reality, it's important to understand why costs are rising in the first place — and a lot of it comes down to environmental pressures.
As extreme weather becomes more common, supply chains get stretched thin by new challenges, and costs go up. And those weather changes, which include heat waves, droughts, and severe storms, signal instability for plants and animals all around the world, not just our wallets.
This cause and effect is on clear view everywhere, from farm yield losses to transportation fuel cost spikes. Labor shortages, geopolitical tensions, and trade policies also play a role. It's an uncertain time, and shortages could be on the horizon if nothing changes, The Pinnacle Gazette explained.
Federal and state governments can try a number of ways to address inflation. However, skepticism is high around any such measures being effective at solving the root problems — like the overheating planet.
Still, experts are not quite hitting the panic button. "Consumers are urged to be proactive in managing their finances, adjusting spending habits, and planning for continued price volatility," the Gazette explained. Nevertheless, economies are cyclical in nature and there is still the potential for recovery.
As the news outlet reported, experts "urge patience as markets adjust to these changes, with hopes for stabilization on the horizon."
Should grocery stores donate food that's past its sell-by date?
Yes — as long as it's not bad
Yes — but only certain foods
Only if it doesn't cost the store
No — it could lead to problems
Click your choice to see results and speak your mind.
In the meantime, there are some easy starter strategies for getting out of the grocery store in the green by shopping smarter. Growing your own produce is another way to boost savings — and even get healthier in the process.
Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.
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