Business

Food Prices Rising for Small Businesses on These Essential Items

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The news of food prices rising is an issue that affects everyone. Whether you are a consumer or a small business, this pain point can’t be ignored.

For businesses in the restaurant, bar and food service industries, the increase also comes from wholesale distributors as well as local farmers.



Food Prices Rising – October 2022 Update

So, how badly is inflation affecting the price of food?

Depending on the product, the increase compared to just a year ago will have you doing a double take. The price comparison on this list looks at the monthly increase from July 2022 to August 2022, as well as the price in August 2021 for a range of food items. This will highlight the short- and long-term increases. Data comes from the latest Bureau of Labor Statistics (BLS) for average retail food prices.

Price of food rising on these essentials for small businesses from July to August this year:

The one thing about food is the demand for it is not flexible, we all must eat. And these prices seem to be staying on the high side.

  • Strawberries: +15.9%
  • Chicken legs: + 8.6%
  • Eggs: +6.1%
  • Potatoes: + 5.2%
  • Sugar: + 5.2%
  • Ham: +3.2%
  • Chops: +3.1%
  • Flour: +3%
  • Tomatoes: +2.6%
  • Bread: +2.4

According to the BLS, the annual food increase in the past year is a 23-year high at 11.3%, with the price for groceries up 13.5%.

  • Cheddar cheese: +2.4%
  • Chicken breast: +2.1%
  • Coffee: +2%
  • Pork Chops: +1.8%
  • Spaghetti and macaroni: +1.4%
  • American cheese: +1.3%
  • Uncooked Beef Roasts: +1.3%
  • Ham: +1.2%
  • Steak: +1%
  • Milk: +0.9%
  • Ground beef: +0.9%

Food Prices Up Since August 2021

On an annual basis, the price increase is very dramatic for items both consumers and businesses need on a regular basis.

  • Eggs: +82.3%
  • Flour: +48%
  • Chicken breast: +33.1%
  • Coffee: +31.9%
  • Whole chickens: +27.6%
  • Spaghetti and macaroni: +25.6%
  • Potatoes: +24.7%
  • Sugar: +20.6%
  • Bread: +19.7%
  • Sugar: +19.3%
  • Rice: +18%
  • Milk: +17.8%
  • Beans: +17.4%
  • Chicken legs: +16.8%

 

Price increases that affect consumers changes their buying habits, which in turn affects small businesses that rely on these customers. Whether it is a restaurant, coffee shop, catering business, or any other food and beverage-related company, the impact of food prices going up is being felt across the board.

  • Potato chips: +16.2%
  • American processed cheese: +15.7%
  • Cookies: +15%
  • Ice cream: +14.6%
  • Ham: +14.2%
  • Cheddar cheese: +12.4%
  • Whole Wheat Bread: +10.7%
  • Ground beef: +10.5%
  • Malt beverages: +9.6%
  • Bananas: +9.2%
  • Orange juice: +6.6%

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Image: Envato Elements




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