That’s the title of a piece I wrote for Econofact. In it, I discuss the latest figures out from the Bureau of Labor Statistics, and discuss some of the drivers of volatility in food prices since the onset of the pandemic.
The main facts I outlined and discussed were:
Food prices have risen at a faster average rate since the onset of the pandemic than they did over the prior decade.
Food prices have been extraordinarily volatile throughout the pandemic.
Meat price changes have been a primary driver of overall food price increases.
Agricultural commodity prices have increased.
Heightened consumer demand has contributed to food price increases.
Wage rates in the food industry have significantly risen over the course of the pandemic and these higher wages get reflected in higher food prices.
Food isn’t necessarily less affordable — especially when considering a longer horizon.
You can read the whole thing here.