The Cost of Your Groceries Is Expected to Rise Even Further in 2022
Given the escalation of inflation to levels not seen in decades, as well as the continuing difficulties in the supply chain, food manufacturers are planning to hike prices across a broad variety of items in 2022.
Food costs are expected to climb by 5 percent in the first half of next year, according to a study published on Monday by The Wall Street Journal, using statistics from the research firm IRI.
If you believe grocery costs are already out of control, brace yourselves because this implies that your trips to the store will likely get even more expensive in the coming year as a result of this.
Market executives interviewed by the Journal predict that prices for nearly everything would rise in 2022. This includes essentials such as dairy goods, bread, and produce as well as candies, snacks, mustard, and alcoholic beverages, among other things.
Higher labor, packing, shipping, and logistics expenses for supermarkets and manufacturers are all contributing reasons, which eventually result in you paying more at the register.
A request for comment from IRI did not receive a response right away.
The Bureau of Labor Statistics in the United States revealed earlier this month that the Consumer Price Index increased by 6.8 percent in November compared to the same month the previous year, marking the highest annual gain since 1982.
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Prices of food purchased for consumption at home increased by 6.4 percent overall over the previous year, with the most significant increase occurring in the price of meat, poultry, fish, and eggs, which increased by 12.8 percent.
Marketers are likely to be forced to pass the costs on to customers as a result of this situation.
Meanwhile, COVID-19 instances continue to rise across the country, pushing customers to stock their kitchens with additional ingredients so they can cook more meals at home.