When I went grocery shopping a few days ago, I couldn’t help but notice that the prices were much higher than just a few weeks earlier, during the pre-coronavirus era. In fact, the overall price of groceries jumped 2.6% in April, according to the Bureau of Labor Statistics . This was the largest percentage increase from one month to the next since February 1974!
(Sorry, I wanted to write about something non-coronavirus related this week, but it’s difficult since EVERYTHING has been impacted by the pandemic.)
Have you seen your local grocery prices on the rise? Or have they been stable? Tell us about your experiences in the comments section toward the bottom of this page.
Food Prices Increase
The price of meat, eggs, poultry, and fish were most impacted, rising 4.3%. In particular, the price of eggs jumped more than 16% from March.
The cost of cereal and bakery products increased by 2.9%, the largest surge ever. Dairy and related products, as well as fruit and vegetables, saw a 1.5% increase in price.
According to CNN Business, prices at the supermarket are sharply rising because coronavirus has disrupted the food supply chain: When restaurants shut down, Americans started cooking at home, and demand for groceries shot up. However, food producers and farmers didn’t have the ability to quickly shift their food deliveries to grocery stores, according to CNN Business.
And, as seen from the purchase information you’ve been sending NCP, many people have been stocking up; more demand and less supply = higher prices.
Other Prices Decrease
But on the other hand, prices on certain items and services have dropped during the pandemic, as can be expected as many have been sheltering at home. Apparel, hotels, cars, car insurance, and airfare are just a few of the things that have seen price decreases, according to CNN Business.
And certainly everyone is seeing that gas prices are much cheaper – that is, if you’ve even filled up recently. (The last time I bought gas was, I think, on March 12, two months ago. And I still have half a tank left!) Check out the average gas prices in your state: gasprices.aaa.com/state-gas-price-averages
Here’s a look at some of the recent price changes of groceries , in just one month(!!), according to the Bureau of Labor Statistics:
|Product||% increase (from March to April, 2020)|
|Overall citrus fruits||4.3%|
I hope you are staying safe!