Consumers have actually been shielded so far from the full brunt of soaring expenses that are facing producers, distributors and small businesses like restaurants. But they can only hold back for s…
By Amy Yee and Tarso Veloso RibeiroWith a gallon of milk up about 25% since before the pandemic, and retail bacon 35% higher, it’s hard to imagine how US food inflation could get any worse. But evidence suggests that even higher prices are on the horizon.
“We have never, ever seen anything like what we’re seeing right now,” said Good, who opened his restaurants nearly 30 years ago. The data suggest that pent-up inflation in the production and distribution pipeline will continue to filter through to consumer prices. And in the meantime, pressures on food production continue to build, signaling that PPI could keep climbing. Farmers are facing a myriad of challenges, including fertilizer shortages, drought and adverse weather, along with a US bird flu outbreak that’s killed almost 10% of the country’s egg-laying hens. Plus, the war in Ukraine and its effect on fertilizer supply and fuel markets only exacerbate the problems.
“We can expect high inflation to be more persistent,” said Fernando Martin, an assistant vice president at the Federal Reserve Bank of St. Louis.
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