Louisiana Families Facing Higher Grocery Prices – Here’s Why
Have you ever seen a sports highlight where one team makes an incredible play to take the lead with just a few seconds left in the contest only to see their opponent make an even more incredible play to win the game? If you stopped the highlight too early you might think the wrong team was the winner. That's why you have to play the "tape" all the way to the end.
Believe it or not, the same analogy is true in economics. You know the study of how goods and services and prices and wages all fit together. I think most of us have become painfully aware of how much fuel prices have jumped just in the past two weeks. In fact, the statewide average price for a gallon of regular fuel jumped .15cents yesterday. Yeah, a nickel and a dime in a day.
While that pain at the pump is being felt now, the residual effect of these higher fuel prices will feel even worse in about 12 to 18 months. Why? As the "tape is played all the way to the end" those high fuel prices are going to show up on your dinner table in the form of higher grocery bills.
America's farmers are just like you and me. They too are facing higher fuel prices as they tend and grow their crops and raise their livestock. These higher fuel prices are being exacerbated in the agriculture industry by even higher prices for fertilizers. Farmer's will have no other choice than to pass these cost increases on to you.
Louisiana's Agriculture Secretary Dr Mike Strain told the Louisiana Radio Network
If you look at the price of diesel and fertilizer today that will show up in the cost of food in 12 to 18 months from now
And to make things even more economically uncomfortable, Russia controls about 55% of the world's rock phosphate which is a necessary component of many fertilizers used on American farms and farms across the world. The current conflict between Russia and Ukraine and how it plays out could cause an even bigger impact on the prices of the food we buy.
One way you can lessen some of those impacts is to plant a garden this fall. No, you won't save a ton of money but thanks to Louisiana's great climate you can provide some fresh veggies and fruits for your family. And since you won't be driving nearly as much this spring and summer, gardening is something you can do at home.
And in Louisiana, we do have the ability to make anything taste good. It all comes down to the seasoning.
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