But this hopeful sign for the future doesn’t say much about the challenges facing buyers today. While cost growth isn’t increasing, the damage is already done – groceries are still up 10.9% from last year. Even more affordable stores like ALDI and Trader Joe’s, which built their name on their everyday low prices, are raising prices. It’s a major adjustment for shoppers, who are now trying to cut back where possible. The Washington Post highlighted some of the savings methods some are following. Some tactics include buying in bulk, organizing weekly meals based on sales, and eating smaller portions. Unfortunately, you can only get so far with your necessities when the essentials eat more than your wallet. These five food items are the most expensive in years, so you may want to skimp on them, find alternatives, or reduce your spending habits outside of the grocery store. (Need tips on what to skip? For products that aren’t worth buying, check out our list of non-dairy milks to avoid.) Colleen Michaels/Shutterstock When looking for an inexpensive source of protein, eggs have always been a reliable source. In pre-pandemic times, you could grab a dozen for just over a dollar and start your day with some heart-healthy omega-3 fats. This year, the supply has changed drastically, putting eggs out of reach for those stretching their every dollar. According to his comparison The road, an 18-count carton of eggs from Walmart’s Great Value brand has more than doubled in price since 2019, from $1.18 to $2.67. That’s 14 cents per egg today compared to 6 cents before the pandemic. And that’s on the low end. The August 2022 USDA Egg Market Survey reported that the average price for a dozen eggs is $2.71 – 22 cents per egg. It is mainly due to the recent bird flu tear which killed millions of birds. The USDA noted that there is currently a shortage of 134 million hens in the egg-laying population. But eggs are still a staple for their versatility and relative cost. Fortunately, according to Bloombergherds are slowly but surely returning to normal numbers, which should bring prices back up over time.
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elena_prosvirova / Shutterstock The effects of a shortage can linger, and this is true of hindered milk production. Milk was in short supply worldwide earlier this year. In the United States, the milk shortage was caused by a labor shortage and reduced herd numbers in the U.S. Meanwhile, in Europe, Bloomberg reported that UK grain farmers faced parched fields from heat and drought, making it difficult to feed herds. Now, with milk prices rising, costs are piling up on products like butter and cheese – and the price increases are being passed on to the customer. The road found Walmart Great Value 1% Milk is up from 2019 by about 150%, a gallon ringing $3.46 today. So perhaps it’s not too surprising that cheese and butter are climbing in tandem, with the July CPI Report showing a 12.6% increase from last year’s average price. Considering these milk-based items are household staples for most, it’s another thing you might want to clear a spot in your budget for. That said, cutting out dairy does have its own health-related positives. Shutterstock Chicken prices are estimated to rise more than 15% for the year – higher than general inflation – and may not stop there. It is true that bird flu outbreaks were a temporary, devastating blow to the poultry supply. Now there is another reason to suspect that price increases will continue. Despite antitrust regulations in the poultry industry, Forbes reported that a $4.5 billion merger between two of the largest chicken producers, Cargill and Continental Grain and Sanderson Farms, was approved by the Justice Department. What does this have to do with your wallet? Consumers pay lower prices in markets that have healthy competition. But when a single company controls most of the supply, it can charge more for the product, and most will continue to buy because there aren’t many alternatives. According Forbes, Cargill’s move would “control about 15% of the chicken market and push the market share of the top four competitors to more than 60% from about 50%. That could potentially make the sticker price higher in the long run, which is a concern for those who choose chicken because it tends to be a more affordable protein. Shutterstock Once again, beef makes the list. The CPI reports the price of meat at 7.2% higher than the previous year. When it comes to supply chain bottlenecks, the meat industry has seen them all: labor shortages, truck shortages and herd shortages.6254a4d1642c605c54bf1cab17d50f1e Drought and extreme climates have forced ranchers to cut their herds, unable to provide adequate feed and water for the cattle. This means slaughtering more animals than planned – which temporarily increases current supply but causes ripples in future expected beef production. According Reuters, the reduction in cattle is “a decision that will tighten livestock supplies for years.” A Kansas farmer told the news source, “Prices are here to stay for a while.” Economists said lower herd populations would take longer to breed to the level of demand, leaving consumers with less beef in the coming years. If you’re looking for your sign to eat less red meat and reduce your risk of cardiovascular problems, this might be it. Shutterstock Shortages of palm, canola and soybean oil earlier this year found us at the supermarket. These edible oils are key ingredients in packaged foods, sweets, makeup and personal care products. In the spring, palm oil exports from Malaysia and Indonesia were scarce, boosting demand for alternatives such as canola and soybeans. Since many products are based on vegetable oils, demand has remained high and prices have risen with it. CPI figures reveal a 20.8% price increase for this year. FoodDive reported that Crisco raised rates by 23% to cover higher production costs in shortening and cooking oil. It’s often difficult to avoid higher produce costs, but you can save money by choosing private label from the brand, buying less processed foods, or using an air fryer to cook with less oil. In addition to saving money, reducing your consumption of vegetable oils also helps reduce inflammation and weight gain.
