Inflation expected to rise in January on most basic items

Xinhua News Agency via Getty Images

Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Food prices are reportedly expected to rise again in January
  • A soaring inflation rate of 6.8% as of November — the highest rate of increase in 39 years — shows no signs of slowing down, with major food manufacturers preparing to raise their prices once again, according to the Wall Street Journal.
  • Persistent supply-chain disruptions and increasing labor costs are a major factor in the increases.
  • Kraft Heinz — which makes Oscar Mayer lunch meats, Kraft Macaroni & Cheese and Jell-O pudding — told retailers it is planning to raise prices on some items by as much as 20%
  • Mondelez International, which makes snacks including Oreo cookies and Ritz crackers, will increase prices by 6% to 7% in January,
  • Other food manufacturers including Campbell Soup and General Mills, maker of Cheerios, have also warned that they will be raising prices on their goods in January but have not disclosed what the price hikes will be.

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