Inflation is take a bite out of American paychecks as the price of almost all basic food stuff is going up.
Chicago food industry analyst Bob Goldin, one of the co-founders of Pantallect, a food business consulting firm, says you’re seeing the increases in both grocery stores and restaurants.
“It’s due to a number of factors including supply chain issues, raw material cost increases, and significantly, labor cost increases,” Goldin tells KTRH News.
The labor shortage is a global phenomenon and its affecting every industry, including every one that puts food on your table. Labor to pick the crops; labor to manufacture food; drivers to distribute it; captains to ship it; dock workers to load it - all across the board - help wanted signs are crying out for laborers. Their absence is driving up prices in a mess compounded by those incessant supply chain bottlenecks. “Warehouse, manufacturing, retail: it is widespread,” Goldin says of the lack of workers.
Sysco - the food manufacturer, pegs food prices inflation increases in the past quarter at around 10%.
Goldman Sachs predicts a core inflation rate of around 3.8% this year, down to 2% by 2024. Not all banks are that optimistic.
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