Another Pantry Staple Could Soon Have A Price Surge
Back in January, grocery prices broke a 13-year record. Since then, prices have only continued to go up. Eggs, the food that's seen the greatest price increase from inflation, have almost doubled in cost just since December 2021. But eggs aren't the only grocery item affected. Per Forbes Advisor, the prices of foods like beef, chicken, frozen items, milk, butter, and fresh fruit have also risen significantly. With groceries being so expensive, many Americans were turning to less-expensive alternatives. However, even pantry staples like rice, cornmeal, pasta, beans, and lentils are now more costly.
This leaves many of us wondering what's next. In March, the USDA predicted that food price increases were about to get even worse under the combined forces of the pandemic, the Russo-Ukrainian War, and bird flu. Well, here we are, waiting to see what grocery item may no longer be in budget. According to experts, it might just be rice.
Inflation has reached rice, and it's not nice
The cost of rice is now the highest it's been in the past year, per the United Nations' Food and Agriculture Organization. However, this isn't to say that there's a rice shortage. Rather, farming is now more expensive, as is freight transportation of goods, thanks to price increases for fertilizer and energy sources (via CNBC).
Furthermore, because countries like Russia, Ukraine, and India are exporting less (if any) wheat, wheat products are more expensive, and many people across the world are looking to use rice as a substitute. On a positive note, there are many types of rice, and plenty of ways to use each one.
While the price increases aren't favorable, they're better than export bans. India's export ban on wheat, according to The Hill, drove up prices and devastated the world's supply. Price hikes, on the other hand, are primarily supporting production and transportation costs. So while rice may rise in price, we don't need to worry too much about the world's rice supply.