Meat and grocery prices have increased 11.9%, faster than the inflation rate of 8.6% in the US. According to President Biden, people will have to live with these rates for a while. Housing and food are the largest consumer expense for the US dollar at 13.4 cents a dollar. Mirroring gasoline – which rose by 49% in the last 13 months, food bills are also frequently testing the American economy.
David Wessel – a well-reputed economist – believes these price hikes will inevitably hit the reputation of the Biden administration strong. The hikes are as follows:
- Eggs, fish, and poultry – 14.2%
- Vegetables & fruits – 8.2%
- Bakery & cereals – 11.6%
- Snacks, sugar, butter – 12.6%
- Beverages – 12%
- Dairy products – 11.8%
According to Moody’s chief economist Mark Zandi, an American family will need to invest $450 more to buy their regular monthly grocery than they did in 2021.
The US President declares the Russian conflict with Ukraine and the following sanctions as the main reason for these hikes. Due to the conflict, petrol supplies were disturbed, and the prices have soared. In a recent talk at Los Angeles Port, he claimed that his administration is grabbing every opportunity to bring the inflation beast to shackles. However, the process is time-consuming, and people will have to live with the inflation for a while.