Food prices are still higher than they have been in years even as inflation is beginning to slow. According to the most recent Consumer Price Index, the cost of groceries increased by more than 12% in October compared to the prior year.
The price of some staple foods has significantly increased: Compared to October 2021, the retail price of eggs has increased by almost 40%. According to the USDA’s annual food insecurity report, more than 13 million households in the US experienced food insecurity in 2021. Accordingly, one in ten homes struggles to feed their families enough.
Federal Reserve Can’t Solve Food Price Amid Worsening US Inflation
Community fridges are refrigerators placed in public areas where anyone can donate food or take food for free. The demand in the area typically fluctuates naturally, but on some days this year, according to Siracusa, it has been excessive.
Siracusa purchased enough food in October to stock the fridge twice. In both cases, the food vanished entirely in a short period of time. Community refrigerators are especially important in Black, Latino, and low-income neighborhoods to service vulnerable and disadvantaged households. They proliferated during the epidemic and currently number in the hundreds across the nation.
Additionally, more Americans are using food banks for the first time in their life. A recent study by Feeding America, a nonprofit network of more than 200 food banks, found that 65% of the food banks in its network have experienced an increase in the number of people knocking on their doors.
In an effort to slow inflation, the Federal Reserve increased interest rates by another 50 basis points. However, raising interest rates has not yet had a significant effect on the high cost of food. The corporate profiteering and price gouging that are slowing down supermarket sales, altering consumer purchasing behavior, and escalating food poverty are important causes of inflation that the Fed is powerless to solve.
Due to the fact that many big businesses continue to raise prices more than cost rises, price inflation has not slowed down significantly. Real-world reasons including avian flu eggs, poultry, weather potatoes, fresh vegetables, and supply chain fragility account for almost half of price increases pretty much everywhere.
Windfall earnings, however, from the railroad industry to fertilizer cartels to food businesses, account for almost 54% of inflation. In total, corporate earnings surpassed a record $2 trillion in Q3 2022, almost coinciding with record-high CPI levels. It’s not a coincidence, either.
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How To Lessen The Impact Of Rising Food Prices?
There are a few ways to assist mitigate the effects of growing food prices on a household budget, while there isn’t one clear-cut strategy to reduce the expense of daily food.
- Comparing prices at several food stores.
- checking out the costs at multiple grocery stores
- Investing in the store’s own brand.
- Not buying frozen meal packages.
- Making a large purchase.
There are federal food programs and local resources that you may be eligible for if you are having trouble fitting groceries into your budget.
If you need help locating a food bank in your area, visit Feeding America. You can also use this Fridge Finder map or this Freedge-made spreadsheet to locate a community fridge in your area that offers free food to the public. Full Cart is a free, anonymous service that acts as an online food bank by covering the costs of food and delivering it to your house.
Registration is open to anyone who can answer a few questions, however, there is a waitlist that may take a few months.
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