Pay Up: Don’t Expect Grocery Store Prices To Drop Anytime Soon
February 9, 2022 9:15AM PST
The cost of groceries isn’t coming down anytime soon. According to economists at Goldman Sachs, the price of groceries could actually go up another 5% to 6% this year. Grocery prices have already jumped by 11% over the past two years, thanks in big part to the pandemic, plus supply chain issues, and a worker shortage. Officials with the Bureau of Labor Statistics said in December alone, there were large price spikes for meat (14.8%), chicken (10.4%), and eggs (11.1%). Kraft Heinz recently announced it will hike prices on dozens of products, everything from Oscar Mayer cold cuts and Velveeta cheese to Capri Sun drinks. What’s one food or drink – no matter how high the price goes – you just can’t go without?