Food prices are on the rise amid the COVID-19 pandemic. When can we expect them to go back down?
Food prices are on the rise from coast to coast.
A new government report shows meats, poultry, fish and eggs were up nearly 4 percent in May. Beef was up by more than 10 percent -- its largest ever monthly increase.
"The coronavirus has caused a major disruption within the food supply chain," said Supply Chain Management Syracuse Professor Patrick Penfield. "We have this unprecedented demand at the grocery stores."
From March 1 through the end of May, market research firm Nielsen found a nearly 6 percent spike in food prices.
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And, if that wasn't enough, there are now fewer coupons to get those savings.
"Producers don't need to offer coupons anymore, because again, people are coming in and buying as much as they want," Penfield said.
Supermarket chain owner Stew Leonard says he's seen that data but is holding firm on prices.
"We haven't raised any prices right now, so I don't understand where all those price increases coming from," he told Good Morning America.
So what is his company doing to keep prices low?
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"Well one of the things we're doing is we're buying direct," he said. "I think customers are going to start seeing a flood of items now come on sale."
Experts say the best way to save right now is to buy in bulk from a local farmer or butcher. And some food are still at a normal price.
"It's the fresh stuff, the stuff that that has a very quick, a perishable shelf life. That's the stuff that's going up from a price standpoint," Penfield said.
Leonard is making a prediction that prices will go down in less than a month.
"I just think that if you took a shopping cart and filled it up with your normal grocery shopping, your cart will be less expensive at Fourth of July than it is than it is today," he said.
WHAT'S MORE EXPENSIVE
Meat price increase:
Beef/Veal - 10.8%
Uncooked beef roasts - 19.5%
Pork chop - 8.4%
Whole chicken - 2%
Vegetable/Legume price increase:
Potatoes - 1.1%
Tomatoes - 1.9%
Frozen vegetables - 1%
Dried beans, peas & lentils - 4.9%
Dessert price increase:
Ice cream - 2.5%
Fresh cakes/cupcakes - 1.8%
WHAT'S CHEAPER
Eggs - 4.8%
Bread - 1.8%
Soup - 3.3%
Roasted coffee - 1.7%
Canned veggies - 1.2%
Source: CNN
