Last month I was honored to appear on The Dylan Ratigan Show to discuss rising food prices around the globe. The issue of rising food costs remains present, and a new article from The New York Times brings up the issues that are evident on the dinner table and at restaurants. When food prices rise the effect is felt not only around the globe but in your wallet. As fuel costs reach unprecedented levels and the demand around the world increases, food prices are rising rapidly. In February alone, wholesale food prices in the United States rose 3.9 percent. That is a lot of extra money if you are trying to save money while simultaneously proving for hungry mouths.
Prices for chocolate and coffee have risen, turning your morning cup of coffee into an extravagant beverage. And it's not just the extras that have undergone a hike in cost, it's the essentials, too. Due to the rising cost of grain feed, and the costs of fuel to process and transport meat, this staple has become a luxury for many. The New York Times reported that meat costs 17 percent more this year than last year, which creates an undeniable dent in a personal food budget.
Additionally, many companies are packaging the same product in smaller sizes, yet charging the same price. Where once there might have been 8 ounces of cheese in the package for 4 dollars, there are now only 6.
The problems from rising food costs are pervasive, affecting the individual consumer to the restaurants who need to rise prices to maintain the same level of service.
You might be wondering what you can do to avoid seeing your food spending double or even triple. Here are a few suggestions:
* Go to the grocery store armed with a list, focus on essentials, not on impulse purchases * Look for coupons or deals on staple grocery items. You might be surprised the deals you can find in the in-store pamphlets. * Plant some foods! It's still early-on in the growing season, so encourage your kids to get outside with you and sow some seeds for a healthy, fun and money-saving activity.
How are you planning to save money despite rising food costs?