Price Went Up
If you’ve been grocery shopping lately, you might’ve noticed you’re spending more than usual. Supply chain issues and inflation are jacking up the price of our favorite foods & snacks.
On a call with investors, Mondelēz International, the company responsible for the legendary snacks Oreos and Sour Patch Kids, said that prices for its products in the US will rise by 6-7% next year. And if you like to dunk your Oreos or Chips Ahoy! Cookies in milk, I’ve got more bad news for you. — you can also add milk to the list of foods that are getting more expensive.
All throughout the US, Americans are seeing inflated prices in everyday goods. A viral CNN interview with one family shined a light on milk prices. The interview went viral when the family being interviewed said they bought 12 gallons of milk a week. It’s beside the point, but what family drinks 12 gallons of milk a week? Anyway, since bottoming out at $2.84 in July 2018, retail costs for a gallon of milk have risen by 26% to an average of $3.59.
There are many reasons for the milk inflation. The number of dairy cows in the US is declining rapidly, resulting in low production. Additionally, global stocks of milk powder, which is exported throughout the world and can be converted into milk, have been declining.
Sorry Santa, you’re getting the generic brand of cookies and milk for Christmas.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.