Food Prices at Grocery Stores Skyrocketing
Thursday, May 14th, 2020 -- 8:57 AM
(WKOW) -Food prices at grocery stores are skyrocketing, and they're increasing at the highest rate since the 1970s.According to WKOW, right now, it seems like grocery stores are alone in these price increases. Most industries have been seeing declines, which is especially prevalent at the gas pump. But at supermarkets, most major food categories are up at least one and a half percent. Egg prices are seeing the largest spike, at 16 percent. Much of this is due to food plants having to close thanks to coronavirus outbreaks. A professor of supply chain management at Syracuse University said that they're also up because people are relying much more on their local grocery stores.
"People are staying home, they're not going out anymore," said Patrick Penfield. "So there is a big increase in regards to sales in grocery stores." The Food Industry Association also points to new safety protocols and supply-chain issues as contributing factors to the cost increases as well. Since stores are facing a bigger demand for products, they're foregoing weekly sales and specials.
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