Supermarkets are now hoarding food and supplies in anticipation of rising food costs
This time last year, people were waiting in long lines at grocery stores to grab whatever they could get, hoarding food and supplies to weather the pandemic storm at home. Now, it’s grocery stores that are stocking up on everything from sugar to frozen pizza as industry executives anticipate rising food prices, reports The Wall Street Journal. The price increases are due to a number of factors, including rising gas prices, crop damage (the latest heatwave has not helped things), and continued supply-chain disruptions. In addition, a labor shortage has encouraged companies to boost wages and incentives to keep employees, adding to rising costs. The stockpiling will only do so much to keep prices in check and price increases will be passed onto shoppers, so don’t be surprised when a trip to the store seems to hit your wallet a little bit harder.