Advertisement

Grocery prices continue to rise at increasing rate

The relief act scheduled the $600 unemployment benefit to end “on or before July 31.”
The relief act scheduled the $600 unemployment benefit to end “on or before July 31.”(Source: NerdWallet)
Published: Aug. 11, 2020 at 5:35 PM EDT
Email this link
Share on Pinterest
Share on LinkedIn

BANGOR, Maine (WABI) - Prices at local grocers and supermarkets continue to rise for a variety of reasons.

Nationally, the price of food has increased by anywhere from four percent for vegetables to 20% for beef.

Supply chain disruptions, increased costs, and a shift in how consumers are buying their food are all factors.

Philip Trostel, Professor of Economics & Public Policy for the School of Economics & Margaret Chase Smith Policy Center at the University of Maine tells us there isn’t much evidence of increased inflation yet, but it could happen in the coming months.

He also pointed out the rate at which prices are going up continues to increase.

“My Initial knee-jerk reaction is we would see the biggest increase in prices in April when things were locked down the most, and as things have started to ease a little bit, actually the rate of increase has continued to go up instead of stabilize or even go down.”

He cited these numbers of annual growth for food-at-home prices.

January -- .7%

February -- .8%

March -- 1.1%

April -- 4.1%

May -- 4.8%

June -- 5.6%

He added there’s not enough data to tell if that trend will continue.

Copyright 2020 WABI. All rights reserved.

Latest News

Latest News