Food prices in the US have increased and will continue to grow: what to expect
Kroger warns that by the end of the year food prices will rise by another 3%, since December, the cost of beef has already risen by 14%, and for pork by 12%. Daily Mail.
Food prices are set to rise later this year, according to Kroger, the largest-selling supermarket in the United States.
While inflation picks up steam, management expects food prices to rise 2-3% in the second half of this year.
This year, prices for beef have increased by 14 percent, pork by 12,1 percent, and poultry meat by 6,6 percent compared to 2020.
The fresh fruit category showed the largest relative price increases (4,9 percent) and the fresh vegetables category the least (0,4 percent) compared to 2020.
The Biden administration said heightened demand and supply chain problems aren't the only reasons for inflation, hinting at meat processors.
According to one of America's largest supermarkets, food prices will rise another three percent by the end of the year.
Kroger's Incinnati-based sales totaled $ 132 billion last year, but the company said inflation has been going on longer than it was thought. earlier, which changed their price expectations.
Executives now say they are forecasting a 2-3% rise in prices in the second half of this year.
It comes after White House statistics last week showed that rising meat prices were responsible for half of the rise in food prices since December 2020.
Since December, prices for beef have risen 14 percent, pork 12 percent and poultry 6,6 percent.
The Albertsons Companies, which operates 21 retail brands including Albertsons, Jewel-Osco and Safeway, reported estimated revenues of $ 70 billion in 2020 and expressed similar concerns that inflation could escalate in the second half of this year.
They also said they will have to raise the prices of some of their products.
Higher food prices will increase pressure on consumers as they already face the largest annual consumer price increase since August 2008.
Beef, pork and poultry have accounted for half of the rise in food prices since December 2020, according to the White House. Since then, prices for beef have risen by 14 percent, for pork by 12,1 percent and for poultry by 6,6 percent.
The consumer price index (CPI), which measures inflation across the economy, increased 0,5 percent from June 2021 to July 2021, pre-seasonally adjusted, up 5,4 percent from July 2020.
The consumer price index for all food products increased 0,7 percent from June 2021 to July 2021, and food prices were 3,4 percent higher than in July 2020.
The consumer price index for food outside the home (shopping in restaurants) increased 0,8 percent in July 2021 and was 4,6 percent higher than in July 2020.
The consumer price index for food at home increased 0,6 percent from June 2021 to July 2021, resulting in a 2,7 percent year-round increase in 2021.
Red meat, including beef, veal and pork, as well as poultry, are the foods that will be hit hardest by rising prices.
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From June to July 2021, prices for beef and veal increased by 0,5 percent, for pork - by 2,2 percent; poultry prices rose 1,9 percent.
This increase comes after five consecutive months of price increases for all three categories. Prices were driven by strong domestic and international demand, high feed prices and supply chain disruptions due to the Covid pandemic.
Winter storms and drought affected meat prices this spring, and the closure of processing plants due to cybersecurity attacks affected beef and other meat production in May.
Prices for beef and veal are projected to rise by 2021-4% in 5.
Pork prices are projected to rise by five to six percent and poultry prices by three to four percent.
Prices for the aggregate meat category are projected to rise by 3,5-4,5 percent by the end of 2021.
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