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Your next meal is getting more expensive. Here's what's driving the surge in food prices.

Grace Kay   

Your next meal is getting more expensive. Here's what's driving the surge in food prices.
  • Foods is getting more expensive at grocery stores and restaurants.
  • Some companies are raising prices, while others are selling smaller quantities for the same price.
  • Supply-chain shortages and poor weather are helping drive higher commodity costs.

Food prices are surging in grocery stores as well as on restaurant menus.

Last week, $4 as the cost of labor and ingredients continues to rise amidst a spike in demand. Red Robin and Cracker Barrel have also increased prices by about 3%, $4 The chains may be forced to further hike prices if commodity costs continue to inflate.

In May, US consumer $4, jumping 5% from the previous year, as the cost of meat products and baked goods led the surge in food prices, according to the $4

"We're in a period of unprecedented commodity inflation," Unilever CEO Alan Jope $4 on Monday.

As a result of increased product costs, some companies including Unilever have begun selling products at the same cost, but in smaller quantities.

Even companies that cater to more frugal budgets have been forced to hike prices. Dollar Tree CEO Michael Witynski $4 that the company has struggled to keep prices low.

Why are food prices surging?

Food prices are rising in tandem with a $4. While $4 have led the surge in consumer prices, $4 Key commodities have become increasingly difficult to obtain due to shipping delays, the $4, and severe droughts in key countries.

A $4 - which has about 5.5% of all freighters waiting weeks outside of ports to unload, including $4 - has made it difficult to transport goods. The delays have put transportation costs at a premium, as companies compete for limited space on container ships and delivery trucks. Overseas transportation costs between Asia and the US have surged about 250% higher from this time last year, $4

$4 in an attempt to side-step rising coats and bring its products into the US faster.

The US labor shortage is also hampering production and transportation, from a $4 to $4. Many companies, including $4 worker pay, while other companies have provided additional incentives to lure employees back to work. One Jersey Mike's in California is $4.

Major droughts in countries like Brazil and Argentina are also $4 Last month, $4 Brazil was facing its worst drought in 91 years. A "megadrought" in California - the state responsible for over 25% of the nation's food supply - is also $4

$4, a supplier that processes about 20-25% of the nation's beef, chicken, and pork products.

Consumer prices are at a 13-year-high, but they're showing no signs of flagging. $4 may be forced to raise prices further if supply-chain issues continue.

A Campbell spokesperson told Insider the entire food industry was experiencing inflation. "Campbell has a variety of tools to offset the inflationary environment, including pricing actions across most of our portfolio to reflect the broad-based increases in input costs."

As companies continue to hike prices, $4, but no one knows how long the upheaval will last.

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