Today the Bureau of Labor and Statistics (BLS) released its monthly Consumer Price Index report (CPI).
One big takeaway?
The continued skyrocketing rise of food costs.
The BLS reported that March 2022 food prices rose a whopping 10% over March 2021, which was also a rising price environment. That should tell us just how completely different the economic environment is today than it was just a couple of short years ago. Not that you needed any reminder.
Your weekly grocery bills do plenty of that already.
With continued inflation (we are not at hyperinflation levels right now, but 10% year-over-year is whopping nonetheless), and increasing energy costs leading to increased fertilizer costs, there could be additional pressures on the prices of food going forward.
Hopefully there is easing in all of these areas and we shouldn’t rule that out, but preparation is still the order of the day.
As a reminder, here are handy tips on how to prepare in a way that doesn’t break the bank or require massive lifestyle changes (which are not necessarily wrong if you choose to go that way) as well as another handy article with tips on how to help beat rising prices in an inflationary environment like the one we are clearly in.
Let your fellow readers know of any tips you might have in the comments below. And as always, here is to your pursuit of great!