That probably feels … off to you. And for a good reason: Every time you go to the grocery store, that number at the end of the receipt keeps getting bigger.
Both things are true. Prices are
falling across just about every category: Apparel, hotels, cars, car insurance, and airfare fell through the floor as people stayed home. Everyone knows gas prices are way cheaper
But American grocery store price tags are soaring. Overall, the price of groceries grew 2.6%, including seasonal adjustments, in April. That was the biggest increase from one month to the next since 1974, according
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Travel restrictions also are clogging up road networks and making it difficult for farm workers to get where they are needed. And at the end of food supply chains, supermarkets that have come to rely on just-in-time deliveries have been upset by huge demand and panic buying.
Global stocks of staple commodities such as wheat, corn and rice are at healthy levels, said Maximo Torero Cullen, chief economist at the United Nations Food and Agriculture Organization. But logistics bottlenecks need to be identified and resolved quickly to ensure goods can get to where they are needed, and protectionist policies avoided, … Read More