Food prices continue to soar as more people suffer major financial losses due to the coronavirus restrictions going back to March. This trend is no limited to the United States either. The issue of rising food prices spans the globe!
Global food prices surged for the third month in a row in August, the highest they’ve been since February, according to the latest report by the Food and Agriculture Organization (FAO) of the United Nations. With all the fiat currency creation, it is hard to expect this trend will reverse.
Vegetable prices jumped 6.4% from July, while egg prices increased 11.3% as a result of demand surpassing supply levels. And average sugar prices were up 6.7% from July as a result of poor weather conditions and strong import demand in China, reports the FAO. The price of vegetable oil price index also rose by 5.9%, as cited by Fox Business.
The FAO Dairy Price Index was unchanged from July, while the Meat Price Index was also mostly unchanged since July, down 8.9% from August, as a result of lower imports of poultry from China. It would be surprising if you have not yet noticed your grocery bill is getting bigger.
There are a few steps you can take, however, to combat the higher prices. The first thing you will want to do is cut back elsewhere. Eliminate cable TV or reduce the data you use on your phone to save some money. You can also get rid of subscriptions for things you do not use much. This is one of the easiest ways to put more money in your pocket.
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Another way to help yourself during times of rising prices is to buy in bulk. This may not be possible if your income is limited but buying in bulk saves you money. You can shop at stores like Costco or buy online if there are limits to food still lingering from the panic buying in the spring during the onslaught of the coronavirus panic. Speaking of that, you may want to consider having a few extra rolls of toilet paper hanging around too.
Other tips are pretty simple, like not buying things you dislike just because they are on sale. If you will not eat it, it is wasted money. Buy healthy oils like olive, avocado, or coconut, even if they cost more. The damage done to the body by using genetically modified oils can not be accurately stated right now. However, even if you cannot afford organic oils, at least buy “real” oils that are made from plants.
It is easy to buy cheaper foods as the costs continue to soar, but it is more important to cut back and have more to spend on healthy and good quality foods over saving money. When it comes to your health and the health of you family, spending a little more now will most likely save you money down the road on medical costs.
Most importantly, hang in there, and help others if you can. So many Americans have found themselves in dire situations. Take the time to be grateful for what you have and share it if you have the means to do so.
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