The High Price of Groceries – Part 1
Are you fed up with the price of groceries?
Most of us are being pinched by the price of food. Supply-chain issues have been resolved and the cost pressure from the war in Ukraine has eased. Stores are stocked with inventory, compulsive pandemic shopping has ended, and employees have gained higher wages, but eggs and other staples remain elevated in price while only a few things have come down. Several explanations are possible. First, mergers in the food industry have resulted in few competitors. Then, there’s profit hoarding, also known as “greedflation.” This occurred when corporations amplified disruptions to their financial benefit. Businesses know that people will pay more for what they want, so getting them to forfeit profits will be tough. The ultimate solution will come when leaders are willing to sacrifice millions and billions of dollars in bonuses, perks, and salaries for the good of the nation.
Inflation tends to be “sticky”. It’s really hard to get rid of. So don’t count on it going away anytime soon. It’s been said that the best cure for high prices is high prices. People tend to pull back spending when it no longer makes sense. This causes demand to drop which ultimately triggers a decline in prices. Frugal spending on your part will help accelerate price adjustments in the long run. Try cutting back in other areas of your budget. Then, ask God for help to shop wisely. Celebrate discounts and cost-saving recipes, and remember to give thanks in all things.
And if you’re struggling with grocery prices plus credit card debt, let Christian Credit Counselors help. They can create a debt management plan that will work for you. For more information call the Crown Helpline: 800-722-1976 or visit online at crown.org/ccc.