Here’s a fact that will surprise no one:Prices increasedin 2022.
Food pricesare up across the board.
Similarly, poultry prices have jumped over 17% year over year.
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Individually, butter prices increased 26.6% and the price of margarine swelled by 44%.
Troublingly,CNBCreports the exorbitant prices seen on store shelves today may not be dropping anytime soon.
Food inflation levels haven’t been this high since 1979.
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So, what’s behind this incredible surge in food prices, especially butter and margarine?
There’s no one easy answer to that question.
Unfortunately,milk production has declinedon a global scale this year.
This year, however, the war brought to Ukrainian soil by Russia in February has disrupted production considerably.
Recent vegetable oil woes don’t end with Ukraine.
Of course, the impact of Russia’s invasion of Ukraine extends far beyond sunflowers.
The price of oil, and oil byproducts like gasoline and diesel, has swelled this year as well.
U.S. wages and salaries have also increased at thefastest pace seen in decades.
