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IPFS News Link • Economy - Economics USA

Food Prices Rise To Dangerous Levels As "A Second Wave Of Layoffs" Hits The U.S. Economy

• http://theeconomiccollapseblog.com by Michael Snyd

Fear of COVID-19 has sparked a tremendous amount of extra demand as Americans have feverishly stocked up their pantries, and at the same time the virus has made it very difficult for the major food companies to keep up.  Over the past several months we have seen a large number of food production facilities close down temporarily, food supply chains have been thrown into a state of chaos, and grocery stores have found it increasingly difficult to keep their shelves full.  Many years ago I remember sitting in an Econ 101 class as a very young college student, and one of the things that I learned was that prices are going to rise when supply goes down and demand goes up.  So it was inevitable that grocery store prices would become more painful, and the latest numbers that have been released by the BEA are definitely quite alarming

According to data released last week by the Bureau of Economic Analysis, almost all kinds of food have seen an increase in its price since February. Beef and veal prices are up a staggering 20.2% since before the pandemic, while other staples like eggs (10.4%), poultry (8.6%) and pork (8.5%) have also seen significant increases.


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