Sunday, May 31, 2020

US Food Inflation

Inflation in the USA has led to a 2.6% jump in April food prices which was the largest monthly increase in 46 years. Prices for meats, poultry, fish and eggs increased the most, rising 4.3%. Although the 2.9% jump in cereals and bakery products wasn’t as steep, it was still the largest increase the agency has recorded.  Dairy and related products, and fruits and vegetables increased by 1.5 percent in April.

April retail prices for boneless pork chops and ham were nearly 6% higher than in March and retail prices for hamburger and sirloin steak were about 4% higher, the U.S. Department of Agriculture reported. The price of whole fresh chickens rose by more than 12%. For garlic a 278% price increase from a year ago.

Trey Malone, an agriculture economist and professor at Michigan State University explained, We’ve obviously seen this record increase in unemployment filings, and so there are more people who are at risk in that sense that they literally don’t have any employment to secure the money that they would need to buy the food that they traditionally purchase. For the people who are already operating on the margins, these price increases are non-trivial.”

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