Over the past few months, you may have noticed your grocery store bills going up, as the COVID-19 pandemic has created major disruptions to our food supply chain.
One of the items seeing the largest increase is meat, as major processing plants were forced to temporarily close their doors because workers got ill with coronavirus.
The price increase for certain types of meat was even more dramatic with uncooked beef roasts soaring nearly 20 percent and uncooked beef steak prices jumped nearly 12 percent.
Karl Gibbons is a retail expert and CEO of Third Eye Management. He specializes in helping businesses grow.
He says the fact that people were also forced to eat at home during the quarantine has contributed to prices going up. While there is no food shortage, he says the spike in demand has created a global domino effect that could keep prices on a rollercoaster ride through the end of the year.
“We import a lot of food and there has been a global pandemic, literally. So the production of coffee has slowed down. The production of grain has slowed down. The production of rice has slowed down,” he said. “I think if we all start to panic buy and we experienced a little bit of this with toilet tissue a few months back, it’s only going to make matters worse.”
Gibbons says some tips to save money right now is to shop local, buy frozen meat, and if possible, go for the private “house” brands.
A few other items you may notice are more expensive right now are breakfast cereals, ice cream, and vegetables.