This Food Is Skyrocketing in Price Right Now, Says Report
Anyone who has been grocery shopping lately has probably noticed a significant spike in prices. In fact, consumer inflation rose 0.5% this past December, which caused inflation to be the highest it's been in over 40 years.
While many different types of items have been on the rise due to the pandemic, labor and supply shortages, as well as increased demand, it's meat products specifically that are seeing the largest growth.
According to a new report, animal products like eggs, ground beef, pork chops, boneless chicken, and bacon have all had price increases at local grocery stores, with bacon coming in at the top with a whopping 23.7% increase this year!
This recent spike in prices is leaving consumers asking, "why is bacon so expensive right now?" You could answer by blaming the change on supply and demand. However, it's truthfully a bit more complex than that.
For one, the pandemic has flipped the grocery industry on its head. Grocery stores are facing extreme employment shortages because of sickness and demand for higher wages, which is leaving companies scrambling to stay afloat financially.
On top of this, companies are seeing supply shortages unlike any that we've seen in years. The report states, for example, that the price of plastic and styrofoam are rising, which has left producers in desperate need of packaging materials.
When it comes to bacon specifically, the Bureau of Labor Statistics says that prices are higher than they've ever been in history. Agricultural economist Jason Lusk tells Farm Journal that increased demand for pork products during the pandemic can be to blame, but another issue at hand is the actual cost of producing bacon.
"All the cost issues we're talking about that come through to the animals on the feed side, the labor side, and the packing plant side, that's been reflected in the meat prices too," says Lusk to Farm Journal.
Overall, experts are predicting that meat prices may continue to rise, which will continue to change the way we consume our favorite meat products. So if you're hankering for some delicious bacon today, you may want to go grab some before prices continue to rise.