Sorry shoppers, food prices are likely to keep rising. Here’s why – By Kate Gibson (Marketwatch) / April 22, 2022
Industry data show that Americans are spending more on food than before the pandemic. And in a sign of the times, that is driving up food prices amid the sharpest bout of inflation in the U.S in 40 years.
“Customer demand continues to outpace our ability to supply products,” Tyson Foods CEO Donnie King told a quarterly earnings call in February. Tyson’s average sales price for the quarter rose nearly 20% compared to a year ago, helping the meat company recoup higher costs including for labor and transportation.
Americans are paying 10% more for food the buy at the grocery store than a year ago, with beef prices rising 16%, federal data shows.
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