|
 |
|
|
|||
|
 |
|
Nov. 15, 2021 by Dr. Jayson Lusk, Purdue University That's the title of a piece I wrote for Econofact. In it, I discuss the latest figures out from the Bureau of Labor Statistics, and discuss some of the drivers of volatility in food prices since the onset of the pandemic. "More than a year into the pandemic, they are facing another unfamiliar trend when it comes to accessing food: notably higher prices. Increases in wages in the food sector, rising agricultural commodity prices, transportation bottlenecks, and strong consumer demand have led to the highest annual grocery price increases in a decade and the highest annual restaurant price increases since the early 1980s." The main facts I outlined and discussed were: • Food prices have risen at a faster average rate since the onset of the pandemic than they did over the prior decade. • Food prices have been extraordinarily volatile throughout the pandemic. • Meat price changes have been a primary driver of overall food price increases. • Agricultural commodity prices have increased. • Heightened consumer demand has contributed to food price increases. • Wage rates in the food industry have significantly risen over the course of the pandemic and these higher wages get reflected in higher food prices. • Food isn't necessarily less affordable - especially when considering a longer horizon. You can read the whole thing here. Tweet |
|
|
|
|
|
|
|
|
|||||||||||||
