Food prices are falling 8 for months in a row, and that’s not the limit.
During 8 months, food prices in the United States fell by 1,6% compared to last year, USA Today reports.
For example, the cost of a dozen eggs fell, on average, by $1, a gallon (3,78 liters) of milk fell in price by 40 cents, and a pound (almost 0,5 kg) of ground beef - by 50 cents.
The reason was that the supply exceeds demand several times. An important role is played by the decline in demand for American products abroad. This is especially true of China, where the growing US dollar has made American goods more expensive.
As a result, over 1200 from 43 0000 American dairy farms closed last year.
As a result, Americans saw the longest period of falling food prices in 50 years. As a result, stores are waging a “price war.”
William Kirk, retail product analyst at RBC Capital Markets, believes that America is only halfway through the end of product deflation.
“It takes time to get the excess supply out of the system,” he said. “You must eat cows.”
Currently, the US government is trying to help an American eat excess food. So, last month, the Ministry of Agriculture announced the purchase of 11 million pounds (4,9 million kg) of cheese, thus reducing its excess. For the same reasons, the government recently bought eggs for $ 12 million.
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