As inflation surges to levels not seen in decades and as supply chain disruptions continue to present challenges, food manufacturers are preparing to raise prices across a broad range of products in 2022. A report on Monday from The Wall Street Journal cited data from research firm IRI that estimates a 5% rise in food prices in the first half of next year.
If you think groceries prices are already through the roof, brace yourself because this means that you can expect your trips to the supermarket to become even more expensive in the new year. Prices for pretty much everything, from staples like dairy products, bread and produce to candy, snacks, mustard and alcohol, are expected to jump in 2022, according to supermarket executives the Journal spoke with.
Contributing factors include higher labor, packaging, shipping and logistics costs for supermarkets and manufacturers -- ultimately leading to you paying more at the register.
IRI didn't immediately respond to a request for comment.
Earlier this month, the US Bureau of Labor Statistics reported that the Consumer Price Index saw a 6.8% rise in November from a year earlier, which represents the largest yearly increase since 1982. Food-at-home prices saw a 6.4% overall increase over last year, with the price of meats, poultry, fish and eggs increasing the most at 12.8%.
Supermarkets will likely have little choice but to pass the costs on to consumers. Meanwhile, COVID-19 cases continue to spike across the country, prompting consumers to buy more groceries to prepare meals at home.