Prices at the grocery store and gas pump continue to rise as the U.S. Department of Agriculture reports 30 of the 38 commonly traded commodities are priced higher now than a year ago.
Among the most inflated prices are turkey breasts (166.5% higher) and chicken breasts (87.3% higher). Chicken processors like Tyson Foods and Pilgrim’s increased production in February, but ongoing supply chain issues and labor shortages only beleaguer their inability to keep up with demand.
These and other manufacturers also rely on natural gas, electricity and crude oil to run their operations.
U.S. natural gas booked a triple-digit increase at 117.3% amid more usage this winter and tightening global supply since the Russian invasion of Ukraine began.
While fuel prices in Arkansas are lower than the national average, year-over-year prices are still up with gasoline up 42% and diesel prices up 61%.
Rising manufacturing expenses translates to higher prices for consumers. In early March, the Consumer Price Index for all urban consumers rose 7.9% from a year ago. Energy prices were 25.6% higher and food prices were up nearly 8% from the year ago period. Other items besides food and fuel saw prices increase 6.4% last month. Consumers have to go back nearly 40 years to see this level of inflation in food this high, according to the U.S. Bureau of Labor Statistics.
