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Food prices at grocery stores across the nation continue to increase amid a time of economic uncertainty for many Americans.
The price of food has steadily increased across the board since February, just before the outbreak of the novel coronavirus in the U.S., according to the Bureau of Economic Analysis' latest report.
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These increases have impacted many foods, including beef and veal, poultry, pork and eggs. Prices of fruits and vegetables also rose, albeit at a lower rate, compared to other categories, according to the report.
This price increases, however, complicate matters for over 55 million people who have sought unemployment benefits since the shutdowns began. More than 1.18 million workers filed for unemployment last week, just as the government's additional $600 a week in unemployment aid ran out.
As a result, experts say shoppers will be extra cautious.
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“We’ve obviously seen this record increase in unemployment filings, and so there are more people who are at risk in that sense that they literally don’t have any employment to secure the money that they would need to buy the food that they traditionally purchase,” Jeff Dunn, CEO of Bolthouse Farms said. "For the people who are already operating on the margins, these price increases are nontrivial.”
Cutting back a food budget is "one of the first things people do" in an effort to "cope with an economic shock, or persistently limited resources," Elaine Waxman, a senior fellow in the Income and Benefits Policy Center at the Urban Institute, told the Washington Post.
The unprecedented spike resulted after COVID-19 first put strain processing plants and distribution networks earlier this year. The outbreak of the virus in the U.S. also prompted droves of individuals to stock up on supplies.
What's more, with the recent flare-up in cases across the South and West, officials and consumers fear the economy could face another shutdown. To date, the U.S. has reported over 4.8 million cases of COVID-19 with more than 158,000 deaths, according to data by Johns Hopkins University.
The Associated Press contributed to this report.
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