You know how sometimes when you contemplate the world ending, you think about how you’ll be able to run to the stores before everyone else and start buying random food items in bulk you’d never actually eat unless zombies attacked your city and you really couldn’t leave your apartment again? Well, its sorta like that now.
Everything from your local produce needs to your daily Starbucks habit is going to get more expensive, economists say. In case you haven’t left for your nearest Costco yet because your leg is broken and your neighbors have left you for dead, I’ve conveniently listed some fear-inducing stats below:
- Food prices at the wholesale level rose last month by the most in 36 years. Cold weather accounted for most of it, forcing stores and restaurants to pay more for green peppers, lettuce, and other vegetables, but meat and dairy prices surged, too. Food prices rose 3.9% last month, the most since November 1974.
- At the same time, global prices for corn, wheat, soybeans, coffee and other commodities have risen sharply in the past year. That’s raised the price of animal feed, which has pushed up the cost of eggs, ground beef and milk.
- Many economists expect food prices to keep rising through the end of the year. Consumer food prices will be about 5 percent higher this fall than the previous time last year, according to RBC Capital Markets. That’s up from the current annual pace of about 2 percent.
- Food prices are already the highest since the U.N. began keeping track in 1990.