From goods to groceries, the pandemic is changing how much we pay for things.
Where will your wallet feel the heat and where you might see some relief?
Nationwide, certain grocery prices are going up.
Brenda Golec of Marco Island told us earlier this week how her tight budget is now and how they meal prep, “I buy a package of meat or eggs. It’s a purchase. Some things go right in the freezer there’s no waste. A little less steak dinners on the grill.”
Beef and veal got more expensive, jumping almost 11% in one month, which is the biggest one month increase ever according to Bureau of Labor Statistics.
Dr. Tom Smythe is a Professor of Finance in the Department of Economics and Finance at Florida Gulf Coast University.
He says, “Any place where there’s human capital that’s being used to produce the product is likely where you’ll see some continued elevation and prices.”
Smythe says while he does believe that meat prices will go down, he doesn’t think they’ll go to pre-pandemic numbers because of new safety measures, equipment and logistics, “They’re having to, in some cases, redesign their plant floors to maintain physical distance and because of that their production levels are not going to be as high as prior to the pandemic.”
And some prices are starting to level out already.
The price of eggs dropped nearly 5% month-over-month, and soup prices are down almost 3%.
As part of the recession, spending by consumers has decreased. The lower the demand is for things like cars and appliances, the lower the prices become and the more deals you can find.
The Consumer Price Index, which measures how much we pay for things, dropped for the third month in a row, so you may be able to find some good deals on those items.