High grocery prices persist despite easing inflation and it's a top concern for voters
Grocery prices are a top concern for many Americans as we head toward the November election.
A recent Fox News poll shows that the economy is the number one issue for voters this year, above crime and immigration.
Another poll shows that 78% of Americans are cutting back on basic items even as inflation begins to cool.
So what's to blame? We went to an expert to find out.
"For the most part, it’s supply-driven inflation, which means that prices go up because you can’t get stuff because of broken supply chains," said Dale Rogers, a supply chain expert at ASU.
He says this isn’t your grandma's kind of inflation.
Supply and demand has been replaced by supply chain problems, less competition and corporations keeping extra profits.
Ask anyone on the street and they’ll tell you about grocery prices: The good, the bad and the ugly.
"I think the grocery prices are really ridiculous right now. I mean, how can you afford food and be able to support your family?" one shopper said.
"Everything is skyrocketing, even normal things like toothpaste that everyone needs are insane right now," said another.
Food prices stay high while inflation falls
Inflation fell in July to its lowest levels in three years, but food prices are still 21% higher than three years ago, according to the Associated Press.
"It’s caused by some sort of supply chain disruption but then (prices) tend to be sticky on the upside because 'oh, we can get this (price), let's see how long we can keep it," Rogers said.
Higher prices from tomatoes, toothpaste and toilet paper are perhaps driving voters to the polls.
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"It ain’t as bad as it once was. Maybe like a year or two ago and eggs or five or six dollars. So I think it’s cooled off a little bit at least from what I’m seeing," said one shopper.
"Everybody’s gonna get some kind of profit from something from somewhere. So I think there is definitely some profit going on. I just don’t I wouldn’t know where," said another.
The Associated Press reports beef and chicken prices are up more than 30% since the pandemic began.
Four large companies control 55% to 85% of the beef and poultry supply in the US.