The Holiday season is coming to a close. And, with that, many of us are still reeling from the sticker shock that came with the increase in food prices over the last few months.
But, according to reports, we aren’t likely to get a break from the sky-high food prices that took over our local supermarkets this season. In fact, food prices are reportedly set to increase even more in the new year.
In November, food shoppers saw prices soaring as high as 6.8 percent over the average rate. This, the New York Post reports, is the highest grocery rate increase we have seen in thirty-nine years.
This unsettling inflation trend shows no sign of slowing down, either. Retailers and major food manufacturing companies are poised to raise the rates once again as 2022 begins.
According to the New York Post, a “fresh wave of supermarket price hikes” is expected to hit in January.
Customers can expect these increases to hit our local groceries in January; with price hikes anywhere between two percent and twenty percent. Grocery shoppers are expected to see these increases on some everyday staples. Some of these items include pasta, condiments, soups, cookies, produce, dairy products, and meats.
Some Major Companies Look To Raise Food Prices As 2022 Begins
An increase in labor costs for major manufacturers and supply chain disruption are likely culprits for these grocery-related price hikes.
Kraft-Heinz reports that they expect to bring some big price hikes as we enter into 2022.
The company, which produces some retail favorites such as Oscar Mayer lunchmeats; Kraft Macaroni & Cheese; and Jell-O pudding; has announced that it is estimating a price increase of up to twenty percent on many of their items.
The average price increase the company plans will land at just five percent. However, other products will see higher increases.
The makers of some of our snack-time favorites like Oreo cookies and Ritz crackers, Mondlelez International has announced that prices will be increasing by as much as six to seven percent in January.
The Campbell Soup Company, General Mills, and others have also announced plans to raise prices next early next year in January.
With these increasing prices hitting our wallets and bank accounts pretty hard, many shoppers have been adjusting the way they shop in order to counteract these price hikes. Some customers are opting to forgo the pricier meats that have seen a recent increase in favor of less expensive options. These options include chicken and using ground chuck instead of pure ground beef.
Some customers have chosen to avoid purchasing certain items altogether, choosing less expensive alternatives to fill the pantry.