Every aisle in your grocery store is brimming with higher prices. Economics Professor Hank Lewis of Lone Star College says Covid lockdowns have contributed greatly to the rising cost of transportation and labor. Other factors include recent drastic weather conditions around the globe causing wiped out production of plants and stock, and even commodity trading. Lewis says there's even a shortage of shipping containers.
"There are a number of these production factors that are making the cost of the raw materials of the actual food to rise, and by the time they make our grocery stores - WE feel the punch!"
Inflation Causes Companies to Raise Prices
Lewis says the world's last year of crazy weather including droughts, floods, and freezes has added to lowered supply and people during the covid lockdown added to the demand of food for cooking.
Lewis pulls out his crystal ball. 'I figure it's going to be at least a year or so and once we have all of these factors under control prices will mitigate a bit. BUT - until that happens, we will just have to tighten out belts a bit."
Lewis thinks the cost of beef will be hitting us the hardest.