Supply chain problems and high labor costs are driving another hike in grocery prices.
A Goldman Sachs report showed that consumers should expect “substantial increases in food prices” in the likes of a 6% climb this year — similar to what people experienced last year.
A Bureau of Labor Statistics report indicated that prices across a range of goods and services rose 7% between December 2020 and December 2021. It’s the largest annual inflation growth in more than 40 years.
Food prices overall saw the largest increase since 2008, with a 6.5% jump in December. Meat prices went up 15%, while egg prices increased by 11%.
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The concern over rising costs comes on the tail of a national jobs report that shows a reduction in private employment of some 300,000 jobs while there has been an increase of nearly 768,000 government jobs between December 2021 and January 2022.
Levi Russell, an assistant teaching professor at the Brandmeyer Center for Applied Economics at the University of Kansas and a fellow at the Leonine Institute for Catholic Social Teaching, said the latest job trend will hurt the economy.
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“The decline in private employment alongside the massive increase in government employment does not bode well for average people,” Russell said.
