Food shortages and rising prices will continue to worsen. Stock market experts believe that this will continue or worsen, perhaps until 2024.
Atlanta — Target, Walmart, and Costco all announced big quarterly losses and plunged the stock market. So what is the lasting effect of inflation and how does it affect your wallet?
Cedric Green, sitting in the Publics parking lot, said he already felt it in his wallet.
“Every time I go to Wal-Mart, when I look at the shelves, I want to get out of the store,” he said.
Mr Green said he had to wait to get another salary before spending money, saving money and spending on the fine groceries he was buying on the spot.
“It wasn’t easy before. You just have to buy it, but now you have to think twice,” he recalled. “You must be manageable with the money you have.”
Unfortunately for Green and all other Americans, this may be just the beginning.
Supply chain expert and professor Robert Handfield said rising prices and shortages of items could be seen by at least 2023 and, in some cases, 2024.
“There are some shortages associated with China’s pandemic, in fact the electronics sector,” he said. “Therefore, there will be a shortage of computers and phones due to the shutdown.”
Handfield is Executive Director of the Supply Chain Resource Cooperative at North Carolina State University and a prominent professor of operations and supply chain management at Bank of America University.
For example, iPhone upgrades can take some time to get in the coming months. Handfield explained that there is also a shortage of semiconductor chips among us.
“They are in the car. They are in the thermostat and in the refrigerator, so we see very long lead times for certain types of semiconductors. As a result, all kinds of shortages can occur. There is a possibility. Some electronic devices use chips. “
Related: Consumer prices in the United States have risen 7% over the past year, most of them since 1982.
In addition to this, the war between Russia and Ukraine has already caused a shortage of wheat and barley. This can get worse in the coming months.
As a result, we can see that the prices of bread, pasta, sunflower seed oil used for cooking and food processing, and breakfast cereals are rising.
“You may have to buy alternatives on the shelves other than your favorite products, so these are issues that retailers continue to address and are likely to continue to address as well.” Mr Handfield said.
Mr Green said he’s already been doing that for quite some time to save some money over time.
Related: Verification: Is the conflict between Russia and Ukraine causing food shortages in the United States?
“Prices seem to have more than doubled before the pandemic happened, so it’s everywhere. It’s supposed to be ridiculous,” he said.
Handfield said prices don’t always double. Instead, the price is likely to increase by 9% compared to the price you normally pay.
“Note that the cost will be higher. I think people will catch up with it and start asking for a salary increase so they can catch up with it,” Handfield said.
