What About Gas Prices? Have You Seen The Price of Eggs?!
It’s easy to complain about the rising gas prices because it’s in the news nearly every day. But Americans are also paying more at the supermarket and don’t realize it because of the lack of media attention.
Sam’s Club recently announced that they’re going to start limiting the sale of certain kinds of rice to consumers. According to Reuters, Sam’s Club, the No. 2 U.S. warehouse club operator, said it is limiting sales of Jasmine, Basmati and long grain white rice “due to recent supply and demand trends.”
Food shortages in third-world countries are causing worldwide food prices to rise, and it’s only a matter of time before the effects show up at your grocery store.
Companies like Quaker have typically eaten the price hikes, but are no longer able to do so. That means that they’re going to pass the expense onto you. Latest government data shows that America’s food inflation is currently at 4.5% a year, which means that some people are starting to stockpile non-perishables now before prices go up.
The price hikes for many non-perishable items like eggs, milk and beef are coming at a more rapid pace, and the data suggests that the high prices are here to stay.
That’s the bad news.
The good news is that Ramen noodles are still fairly cheap.