If you’re lucky enough to get your hands on a head of romaine lettuce these days, it’s going to cost you a lot of cabbage.
The price of a Roman pound recently increased by a whopping 61% from the previous year to $3.27 – the highest price since 2006, According to Bloomberg.
This is the largest recorded price increase of any food item, including various cuts of meat, whose prices have risen by as much as 20% amid labor and logistics shortages in slaughterhouses and meat processing plants.
In the case of lettuce and other select crops, farmers are intentionally growing less because they don’t want to get stuck in excess due to the volatility of the market since the beginning of the pandemic.
Fertilizers are becoming more expensive and a shortage of truck drivers means more costly transportation for produce – adding to the financial pressures and risks for the agriculture sector.
“If farmers are on the wrong side of the demand curve, they’re screwed up,” Barry Friends of Pentallect Inc, a food service advisory, told Bloomberg. If I had to plow it up or put it on the market cheap, I had no desire to lose that money. I just wouldn’t plant it.
Inflation has risen to its highest level in four decades, where consumer prices jumped 7 percent from the year ending in December, according to data released by the Department of Labor earlier this week.
The price hike increased the cost of other necessary items. A dozen eggs, which cost $1.48 a year ago, now cost $1.79. A pound of sliced bacon now costs $7.21 — up from $5.83 at the same time a year ago.
Fruit is 7.9% more expensive than it was during the same period 12 months ago. Orange prices rose 8.9% between November and December.
A pound of lean ground beef that cost $5.71 in December 2020 will set you back $6.32 a year later. One pound of boneless sirloin that cost $8.98 in December 2020 ended up costing $11.05 last month.
New and used gas, tobacco, and automobile products have become more expensive over the past year.