In the U.S., food prices are rising in 2022

In the U.S., food prices are rising in 2022

Jan 11, 2022Donatella Mulvoni

The bad news: experts have predicted that food prices will spike in the next months. The good news is that Magnifico is committed to containing the increases and fighting the supply chain crisis.

Across the country, food is more expensive

2022 comes with some concerns for American consumers: It's getting pricier to dine out and to eat at home, as well. Over the last months, restaurant prices spiked 5.8%, and grocery prices spiked 6.4%. Among the foods whose cost has skyrocketed, there are meats: beef's cost soared by 25% between November 2020 and November 2021. These pricing increases highlight the supply chain and labor crisis across the country.

The reason for this sharp increase

According to experts, the causes are to be found in the high inflation rates, the supply chain crisis that continues to unsettle the market, and the falling production caused by a shortage of employees. As Fortune reports, "In November, the U.S. Department of Agriculture's food-at-home index, which includes grocery store or supermarket food purchases, rose 6.4% over the previous year. According to the index, the prices of meat, poultry, fish, and eggs increased 12.8%, driven up by strong domestic and international demand, labor shortages, supply chain disruptions, and high feed and other input costs."

Magnifico gets you covered

Although the crisis significantly affects imported goods, Magnifico is committed to containing price increases. "In recent months, we have seen a sharp increase in shipping costs. Containers have cost about five times more than in 2020. This pushes us to optimize our shipments even more since we import products strictly made in Italy," admits founder and CEO Alessio Gambino. "However, even our suppliers have started to tell us that the products will cost more this year and we are waiting to understand how much the increase will be. We expect an increase between 5% and 10%." Gambino, nevertheless, shares his vision for keeping prices down: "We will try not to raise prices but will aim to invite Americans to consume more quality Italian products. If the demand grows, perhaps we will be able to contain the increases to the benefit of all."

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