Retail prices are rising across the country, and even though the shortage of supplies that began last year has eased, prices, including mainly food items, are still rising as well. In March this year alone, according to the federal survey, retail prices rose 0.5%. Assuming the rate of increase remains unchanged, the annual price increase will reach 6%, higher than last year’s 4%.
Houston’s KHOU11 television station reported that the most common type of steak, New Yorker parts rose to $ 12 per pound, shoulder blade $ 8 per pound. The same goes for pork, bacon was $4.72 per pound last April, but now costs $5.11. Bread was $2.44 a loaf a year ago, now it costs $2.66.
Experts say prices have been rising because, first, international crude oil prices have soared, leading to higher freight costs; second, packaging costs are also increasing; and third, meat processing plants remain understaffed. Although the good news is that store shelves will no longer be as empty as last year, but beware of price increases will make the wallet bleed.
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