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(NEW YORK) – Grocery and staple food costs are rising both online and in stores due to changes during the pandemic. However, there are some ways to offset the surge and find new ways to save.
Patrick Penfield, professor of practice supply chain management at Syracuse University’s Whitman School of Management, told ABC News’ Good Morning America earlier this year that he expected prices to rise steadily over the next several months.
“We suspected that prices would go up. But I don’t think we realized how bad it was going to be, ”he said. “The entire supply chain is growing and nobody wants to bear these costs. Unfortunately, the person or persons who will be wearing it are the consumers. “
The price US consumers pay for groceries has increased 3.5% over the past 12 months. This comes from the US Department of Labor Statistics’ February consumer price index data. For a family of four, that could be up to $ 500 more per year, the US Department of Agriculture estimated this family size.
Everything from cereals to dairy products to meat and eggs has seen prices spike, and analysts believe that in addition to pandemic factors such as the lack of truck drivers and severe storms, it has only exacerbated the problem.
“I don’t think anyone noticed – the magnitude of the problems we are seeing in the supply chain right now,” added Penfield. “And that’s something we’re going to get through.”
Many large consumer goods recently raised the prices of their popular products. Cheerios maker General Mills, for example, announced it would raise prices to offset freight manufacturing and raw material prices.
Hormel raised prices on products like Jennie-O ground turkey in the face of higher grain costs to feed the poultry.
Even a jar of JIF peanut butter is more expensive than last year because the JM Smucker Company said its cost was “significantly higher”.
Experts also said there are ways to keep purchasing costs down by stocking up and going on strike when the price is right.
“If you want to stay on budget, you need to think about what you routinely use. And if you see it for sale, you definitely have to buy it in bulk, ”Amy Keating, a registered nutritionist who tests food for consumer reports, told GMA.
In addition, she said to think beyond the brands of the big boxes and look for items for sale as well as check prices in smaller stores.
“Other grocery stores you might not even have thought of, like smaller grocery stores, even drug stores, have sales sometimes,” Keating said.
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