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Analysis published by NerdWallet in August 2024 attempted to explain why food prices are still so high across the U.S., leading to increased pressure on families, individuals, and businesses.
Did you know that food prices have risen at least 26% since the start of 2020. You might think the COVID-19 pandemic is to blame for this problem. While it did contribute, there is no singular reason why food prices are so high.
But there are a few combined factors that contribute to the ever-rising crisis. The first of these is the overall costs on production, labor, fuel, and more, all of which make our already mismanaged food system even less sustainable. Companies pass these costs over to the consumer despite food being a basic human need.
Corporate Profits Amid Global Chaos
“Despite the headwinds described above, grocery stores’ profit margins increased in recent years, according to a March 2024 report by the Federal Trade Commission. The FTC report notes that food and beverage retailers saw their revenues outpace their costs by more than 6% in 2021. That was a new high for that particular profit measure until 2023, when it reached 7%,” NerdWallet wrote in the analysis. (TAKE A POLL: Do You Feel Confident About the Current State of the Economy?)
“Food manufacturers have relied on price hikes and other tactics to maintain profitability, as well. Take chocolate for example, which has become even more expensive to make this year because of record-high cocoa prices. Companies saw shoppers become more sensitive to chocolate prices as they went up. While shoppers spent more money on chocolate in each of the past two years, they actually cut back on the quantities they bought, according to NielsenIQ data provided to NerdWallet in March.”
“Members of Congress and the Biden administration have taken turns slamming food companies for these tactics,” but none of these people has done anything meaningful to change the status quo. (POLL: Do You Believe Your Vote Can Make a Difference in Local Elections?)
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