The Unexpected Food That's Seeing A Huge Price Spike Right Now
If you've been experiencing sticker shock when you head to the grocery store these days, you are not alone. When 2022 kicked off, grocery prices broke a 13-year record, and it appears that trend is continuing. CBS News reported that as the United States faces the highest rate of inflation the country has experienced in 40 years, food prices that have already skyrocketed are anticipated to continue their rising trajectory. Per the Consumer Price Index Summary, we are currently paying as much as 10% more for our pantry staples. CBS News cites both supply chain issues and an increase in demand as contributing to this financial food storm.
What foods are we paying more for at the check-out aisle? Marketwatch noted that steak and eggs are more expensive. CNN shares the price of flour is up over 14%. The next time you pour a glass of milk to dunk those cookies in, you may want to note it is costing you over 13% more than when you previously indulged in this ritual. Our favorite fruits and vegetables are requiring 8% more from our pocketbooks and the next time you fry up delicious, savory bacon, you may notice you are paying over 18% more for it. Now, there is also one unexpected food that is seeing a price spike that could affect not just your baking plans, but also prepared and processed foods that use this ingredient.
Vegetable oil prices are on the rise
According to the Washington Post, the cost of vegetable oil is yet another victim of the global rise in prices. The news outlet reported that manufacturers who use vegetable oil have seen prices explode by as much as 45%. Those prices are ultimately passed along to the consumer, but the United States isn't the only country seeing this increase in the price of vegetable oil.
Per NPR, cooking oil prices have been rising for people around the globe and even causing shortages in some countries. The war in Ukraine is also a factor in this food price equation. Ukraine is responsible for half the world's sunflower oil production while Russia provides 25%, so the turmoil is having some hefty repercussions on both corporate and household budgets when it comes to this ingredient. So, what can you do if you find the cost of this oil prohibitive to making your favorite brownies or cooking some of your weekly meals? Check out the ten best substitutes for vegetable oil. Hopefully, one of these will suit your needs and help you save a few pennies.