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this post was submitted on 18 Jul 2023
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Boy that grocery inflation sure is sticky. Almost like the cause is located within the industry itself and not a factor being forced upon it externally.
The problem with groceries is that the raw product is largely bought on futures contracts, so you're paying last year's price. Last year was inflated due to fertilizer issues and general concern around the Ukraine conflict. The raw product price is now down ~50% since last year, but it will take until next year to see that show up in the store.
I really wish I wasn't so jaded. I can't bring myself to believe that. Hope I'm wrong.