Wednesday, May 15, 2024

US Food Costs 5-15-24

The price of food has increased because of increased transport costs in diesel gas prices. Prices continue to be subject to supply and demand. In 2016, food prices were lower, because the cost of natural gas was lower and Nitrogen needed to grow crops is made from natural gas. Crops are also use to feed livestock. In 2021, Biden announced his plan to replace coal, oil and natural gas with wind and solar and increased government spending by $2 trillion. Government money printing and overspending created inflation. The cure for this in 2025 is to increase the production of oil and natural gas and build the pipelines. When you increase supply, prices are lowered.

Grains  $Per Bushel                        $Meat Per Pound

Year     Wheat    Corn    Soybeans  Ground Beef  Eggs/doz. Steak/lb Cheese/lb Bread/loaf

2016      4.03       3.24      10.28           3.56            1.68          5.75        4.90          1.33

2020      6.41       4.84      12.64           3.95            1.51          6.34        5.54          1.35

2021      8.23       5.60      12.85           4.60            1.67          7.34        5.99          1.53

2022    10.66       7.93      14.59           4.80            2.86          7.06        6.08          1.87

2023      6.69       4.17      12.64           5.21            2.80          7.99        5.55          2.02

https://www.macrotrends.net/2534/wheat-prices-historical-chart-data

https://www.macrotrends.net/2532/corn-prices-historical-chart-data

https://www.macrotrends.net/2531/soybean-prices-historical-chart-data

https://www.statista.com/statistics/236776/retail-price-of-ground-beef-in-the-united-states/

https://www.in2013dollars.com/Eggs/price-inflation

https://fred.stlouisfed.org/series/APU0000703511

https://fred.stlouisfed.org/series/APU0000710212

Food prices will remain high but should begin to stabilize in 2024. Food shoppers should continue to choose chicken and fish to lower grocery bills.

Restaurants will continue to struggle with these food prices added to higher labor costs as consumers reduce their restaurant visits.

Norb Leahy, Dunwoody GA Tea Party Leader

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