Sticker Shock at the Supermarket: Food Prices Poised to Rise
October 15, 2009
Dan Burrows
DailyFinance
If there's any silver lining to a recession -- albeit a thin one -- it's that consumer prices typically go down. Make no mistake, deflation is a sign of a sick economy, but at least the net effect of cheaper prices for the basic necessities -- food, clothing and shelter -- helps folks get by when they are struggling to make ends meet
But consumers should brace themselves for things to change, especially at the supermarket. As the global and U.S. economies emerge from the downturn, economists predict that there is going to be some sticker shock at the checkout line. Food prices, they say, are heading higher and when you combine that with an unemployment rate that's expected to linger near a three-decade high for at least another year, it's even more unwelcome news.
The U.S. Department of Agriculture expects overall food prices to rise as much as 4% in the U.S. by the end of 2010. Yet, some economists think they could climb by as much as 5%. Even using the government's more conservative numbers, the price for eggs is forecast to rise 3% and beef is seen increasing 2%. Lamb, seafood and fish? All three categories are expected to jump as much as 5%.
A 5% boost in your grocery bill may not seem terribly devastating, but consider this: If you spend $300 a week on groceries now, you'll need to squeeze a raise of about a thousand dollars a year out of your boss (don't forget withholding tax) just to keep up with higher chicken, beef, pork and dairy prices. Good luck accomplishing that little feat with a 9.8% unemployment rate and companies looking into every nook and cranny in order to cut costs.
READ MORE http://standeyo.com/NEWS/09_Food_Water/091015.food.prices.2rise.html
Dan Burrows
DailyFinance
If there's any silver lining to a recession -- albeit a thin one -- it's that consumer prices typically go down. Make no mistake, deflation is a sign of a sick economy, but at least the net effect of cheaper prices for the basic necessities -- food, clothing and shelter -- helps folks get by when they are struggling to make ends meet
But consumers should brace themselves for things to change, especially at the supermarket. As the global and U.S. economies emerge from the downturn, economists predict that there is going to be some sticker shock at the checkout line. Food prices, they say, are heading higher and when you combine that with an unemployment rate that's expected to linger near a three-decade high for at least another year, it's even more unwelcome news.
The U.S. Department of Agriculture expects overall food prices to rise as much as 4% in the U.S. by the end of 2010. Yet, some economists think they could climb by as much as 5%. Even using the government's more conservative numbers, the price for eggs is forecast to rise 3% and beef is seen increasing 2%. Lamb, seafood and fish? All three categories are expected to jump as much as 5%.
A 5% boost in your grocery bill may not seem terribly devastating, but consider this: If you spend $300 a week on groceries now, you'll need to squeeze a raise of about a thousand dollars a year out of your boss (don't forget withholding tax) just to keep up with higher chicken, beef, pork and dairy prices. Good luck accomplishing that little feat with a 9.8% unemployment rate and companies looking into every nook and cranny in order to cut costs.
READ MORE http://standeyo.com/NEWS/09_Food_Water/091015.food.prices.2rise.html
Comment
"Destroying the New World Order"
THANK YOU FOR SUPPORTING THE SITE!
Latest Activity
- Top News
- Everything
Free (Acoustic Version)
"I had the Controversy album. Next was 1999. Was given Purple Rain for Christmas by four people. I…"
The Noticing Continues
American woman says “I’ve had enough” of the white hate pushed on the populationQ“We're the only…See More
Free (Acoustic Version)
Provided to YouTube by Legacy RecordingsFree (Acoustic Version) · PrinceFree℗ 2025 NPG Records, LLC, under exclusive license to Legacy RecordingsReleased on:...
Why Does Israel Suddenly Want President Trump Dead?
Please help me counter injustices in Muslim world by supporting my journalism and CJWS here: ▶️ https://www.patreon.com/c/cjwerlemanor via YouTube here: ▶️ h...
"cheeki kea, thanks so much for your support."
"Greetings to you John, You're right and it didn't take long for those manuals to totally…"
The Many Keys to Deadly Secrecy in our Government
We now know thanks to the legislation of FOIA access to federal documents and evidence and the…See More
"Tartaria: the empire that built half the world's cathedrals, then vanished because someone…"
© 2025 Created by truth.
Powered by
You need to be a member of 12160 Social Network to add comments!
Join 12160 Social Network