Food Prices , Continue to Rise, for Citizens of the United States.
The price of food and supplies continues
to rise for citizens of the United States.
According to the Bureau of Labor Statistics, the price of groceries
has risen 5.4% in the last year.
According to the Bureau of Labor Statistics, the price of groceries
has risen 5.4% in the last year.
Prices for necessities like
housing and energy went up 5.2%,
the largest increase in 30 years.
Prices for necessities like
housing and energy went up 5.2%,
the largest increase in 30 years.
CNN Business reports
consumers should expect this
trend to continue into next year.
With transportation and labor costs
being so high, manufacturers
have been forced to charge
retailers increased prices.
With transportation and labor costs
being so high, manufacturers
have been forced to charge
retailers increased prices.
Experts say increased food
prices impact low-income
consumers the most.
Families that have to spend
a higher share of their incomes on necessities get squeezed more when the prices of necessities increase. , Diane Schanzenbach, Director of the Institute for Policy Research Northwestern University, via CNN Business.
Families that have to spend
a higher share of their incomes on necessities get squeezed more when the prices of necessities increase. , Diane Schanzenbach, Director of the Institute for Policy Research Northwestern University, via CNN Business.
The Department of Agriculture says
that on average, the lowest-earning
households in the United States
spend 36% of their income on food.
The Department of Agriculture says
that on average, the lowest-earning
households in the United States
spend 36% of their income on food.
Data suggests households in the
top tax bracket spend merely
8% of their income on food.
In the past, consumers in
the United States have willingly
accepted these higher prices
and continued spending.
This time around, that
may not be the case