You may need to really start planning a budget for your grocery shopping soon.
According to the latest consumer price index, prices are increasing, and they’re likely going to continue to increase. The latest report showed a 0.6 percent increase in March, the largest one-month increase in nearly a decade. Prices over the past year have gone up 2.6% overall.
Prices had already risen during last year’s pandemic, as stockpiling and supply chain disruptions never went down. As an example, before the pandemic, the national average for a pound of bacon (January 2020) was $4.72. By last month, that price had gotten up to $5.11.
The pandemic has also caused manufacturers to cut back on promotions and coupons so they can moderate demand ever since that stock-up period in March last year. Experts are expecting prices will stay up for the rest of this year on things such as groceries and gas as industries catch up and find an efficient supply chain again.
While getting sick may not be our main concern anymore, there are tons of ways that the coronavirus pandemic halted the world, and we will be dealing with a lot of those consequences for the next few years as the world tries to get back to normal. CLICK HERE to see the full report.