The shock of stickers is everywhere, from burgers to muffins, from ketchup to mustard. The good news is that there is already some relief in store prices.
In the four weeks to May 15, the price of a pack of ground beef rose 14.7 percent from a year earlier, according to market research firm IRI, which tracks total retail sales in many U.S. stores in U.S. supermarkets. retail in large boxes, convenience stores and other places.
The price of packaging for frozen meat, excluding poultry, jumped by 15.7%, while the price of frozen sausages jumped by 24.4%. Hot dogs rose 14.5%. Packaged burgers and hot dogs rose by 11.2%. Ketchup increased by 15.8%, mustard by 10.4% and the prices of carbonated beverages increased by 13.9%.
Prices of fresh lettuce rose by 13.8% and fresh tomatoes rose by 4.8%.
However, the increase should not be such a big shock, as food prices are rising this year.
Food prices were 9.4% higher in April 2022 than in April 2021, the largest annual increase in 41 years, the Bureau of Labor Statistics said earlier in May. Food prices jumped 10.8% year-on-year without adjusting for seasonal fluctuations, according to a BLS report.
Various factors have caused food prices to rise recently, ranging from bad weather, which has reduced yields, to Russia’s invasion, which has raised wheat prices and more.
Even people who visit friends and family to celebrate the holiday will pay more than last year, as the average price of gas per gallon reaches $ 4.60, which is the highest level of all time. The price of gas rose by 30% after Russia’s invasion of Ukraine in late February. The price of $ 4.60 per gallon is approximately 50% higher than last weekend of Remembrance Day.
One silver lining: Those who have not yet shopped on Remembrance Day can expect a discount compared to prices in late April and early May.
In the days leading up to the holiday, retailers are likely to offer classic barbecue dishes, such as hot dogs and rolls, said Jonah Parker, director of IRI Fresh.
“They will really want to manage this pedestrian traffic,” she explained. “So they may suffer a margin or even a loss of one of the key elements of Remembrance Day to try to get other elements in [shopping] basket. ”
But don’t worry too much. Even with these discounts, prices are likely to be higher than last year.
“I think we’ll still see an increase on an annual basis,” Parker said. “I guess it will still be 5 to 10 percent higher than Remembrance Day last year.”
Stew Leonard Jr., president and CEO of small food chain Stew Leonard’s, has this advice for shoppers who want to cut their food bills: “Shop for special offers.” He also said that buyers should consider buying the brand’s products in the store.
Leonard noted that suppliers are charging more as their costs increase and that his stores have passed on about half of those increases to customers.
“It’s hard there. It’s a difficult environment. I feel it for our customers,” he said, adding that Stew Leonard’s “is trying to offer the best value we can for Memorial Day.”
Or you can just get grilled chicken for $ 4.99.
“Matt Egan of CNN contributed to this report.”
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