If you have been following the news lately, you’ve probably seen that panic buying is hitting U.S. grocery stores again, and many essential products are facing bare shelves as consumers rush to hoard basic supplies. For instance, rice shelves have been hit by panic buying in recent weeks after U.S. shoppers heard that another import ban would hit supplies in the coming weeks, worsening shortages not only in America but globally.
The pantry staple is another item that has already faced a significant price hike, according to the CPI. In the first quarter, the cost of rice has risen by 14%, and further increases are expected due to a tighter commodity market and supply chain disruptions. In July, India announced it would ban rice exports, and earlier this year, China and Pakistan placed import limits citing environmental factors like flooding, droughts, and heat waves as the causes of lower production.
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On top of all this, demand for rice has risen due to the Ukraine crisis, as people are looking for alternatives to Ukranian wheat exports. This means that the product will not only become harder to find, but shoppers will have to pay even more for it from now on.
Similarly, the U.S. dairy shortage is still going and causing a lot of products to disappear from grocery stores in recent months, and yogurt is one of them. Prices are going up at a brisk pace, too. According to CPI data, since January, yogurt prices rose by 19%, almost as much as milk, and butter, which rose by 21% and 23%, respectively, If that’s a staple you can’t live without, maybe it’s time to learn how to make your own. With temperatures dropping, food makers will have less incentive to boost the output of the product, which may only see the same supply levels next year.
On top of that, if you like to bake, then you are surely feeling the pinch of inflation in 2023. Two of the most basic ingredients for baking are surging in price right now. The average cost of flour jumped over 28% since last year while the average price of sugar increased is nearly 22% higher than last August. At the same time, eggs are almost 40% more expensive than in 2021, and chocolate is pricier too, up 16.4% since January.
One predictable result of the rising cost of these baking supplies is higher prices for chocolate chip cookies. Today, they cost nearly $5.18 per pound on average, surging nearly 25% since last year. The lower availability of each of those ingredients is also squeezing supplies and can lead to bare shelves in the second half of 2023.
Those who’ve got a sweet tooth should definitely look for sales and maybe put an extra box of cookies in their carts next time they go shopping. The change in seasonal demand can make this product sell out at stores faster than most people realize.
This trend is expected to accelerate during the fall as shopping demand peaks,and seasonal shifts cause inventories to shrink nationwide. It’s time to get ready for grocery shortages and chaos at stores as more and more people start stocking up on their favorite foods.
As temperatures drop and consumer demand picks up, stores are likely to run out of many of our favorite products in the next few months. That’s why it’s so important to think ahead and prepare for the potential disruptions that can hit our food systems. Today, we compiled some items that are likely to face major price hikes and may disappear from supermarkets before you even notice it.
Here’s the List:
- Chocolate Chip Cookies
- Ground Chuck
- Potato Chips
- Hershey Candy
- Instant Mashed Potato
- Hard Taco Shells
- Red Wine
Article and video cross-posted from Epic Economist.
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