\n<\/p>\n
\n\tBureau of Labor Statistics data shows food prices have spiked by 2.9 percent since last July, and wholesale prices on fresh and dry vegetables increased by nearly 40 percent last month \u2014 the biggest increase in the last three years. And rising prices are likely to continue. Why? Donald Trump\u2018s tariffs.<\/p>\n
\n\tProducers are already seeing rising costs. The Labor Department\u2019s producer price index, a measure of inflation on wholesale goods and producer costs, increased by nearly one percentage point from June to July. Wholesale prices are up by 3.3 percent over last July. These numbers were significantly higher than economists predicted.<\/p>\n
\n\tThe data \u201cpoints to pipeline inflation that\u2019s likely to spill into consumer prices in the months ahead,\u201d Michelle Green, a former Labor Department economist currently working at corporate planning firm Board, told Axios.<\/p>\n
\n\tAccording to the Consumer Price Index, prices for consumers have already risen on several foods. Prices have increased by 5.8 percent on meat, 3.1 percent on poultry, 16.4 percent on eggs, and 14.5 percent on coffee.<\/p>\n
\n\t\u201cKeep in mind, certain foods like coffee, cocoa that\u2019s used in chocolate, we can\u2019t grow these here, so we\u2019re going to be faced with higher prices or changing what we drink,\u201d food trends expert Phil Lempert told WPTV West Palm Beach.<\/p>\n
\n\tPrices will likely increase on other foods as well. While for now, it seems some companies are eating the cost of tariffs, they won\u2019t be able to hold off forever on pushing those rising costs to consumers.<\/p>\n
\n\t\u201cIt will only be a matter of time before producers pass their higher tariff-related costs onto the backs of inflation-weary consumers,\u201d Christopher Rupkey, chief economist at financial markets research firm fwdbonds told PBS.<\/p>\n
\n\tThese rising prices will not just be limited to foods. Home electronic prices, for example, rose 5 percent in July as compared to June. Core consumer prices overall increased from 2.9 percent in June to 3.1 percent in July, far above the Federal Reserve\u2019s goal of 2 percent.<\/p>\n
\t\tTrending Stories<\/p>\n<\/h2>\n
\n\tTrump has also fired the head of the Labor Department\u2019s Bureau of Labor Statistics, which produces the Consumer Price Index because he didn\u2019t like the July jobs numbers, potentially putting into question future reports by the bureau.<\/p>\n
\n\tAs wholesale and consumer prices have risen, so has the demand on food banks, which were already hit hard with shortages due to federal budget cuts earlier this year and actions at the so-called Department of Government Efficiency. The \u201cOne Big Beautiful Bill\u201d congressional Republicans passed last month also cut Supplemental Nutrition Assistance Program (SNAP) benefits by $186 billion, meaning more people may be turning to increasingly strapped food banks to make up for the loss in food assistance.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bureau of Labor Statistics data shows food prices have spiked by 2.9 percent since last July, and wholesale prices on fresh and dry vegetables increased by nearly 40 percent last month \u2014 the biggest increase in the last three years. And rising prices are likely to continue. Why? Donald Trump\u2018s tariffs. Producers are already seeing<\/p>\n","protected":false},"author":1,"featured_media":16351,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[54],"tags":[2638,1725,269,1999,430,71,3717],"class_list":{"0":"post-16350","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-entertainment","8":"tag-continue","9":"tag-food","10":"tag-prices","11":"tag-rising","12":"tag-trade","13":"tag-trumps","14":"tag-wars"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/16350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16350"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/16350\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/16351"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}