And NO…the supply chain disruption is NOT transitory. pic.twitter.com/RBFdfkjgwx
— Danielle DiMartino Booth (@DiMartinoBooth) September 29, 2021
Discount chain expanding earlier tests to boost prices, citing higher wage and freight costs
Bacon is more expensive for Americans than it has been in the past 40 years.
And yes, that is accounting for inflation.
That hankering for pork chops is costing you about 7% more than 12 months ago. The average price for that slab of bacon to accompany the Sunday morning spread has jumped nearly 28% during the past 12 months, inflation-adjusted Consumer Price Index data show.
The supply chain issues and inflationary pressures that have become all too common in these pandemic times certainly have played their roles in the pork price hikes, alongside a slew of industry-specific influence. President Joe Biden’s administration, for its part, believes prices are high because a couple of large companies control the majority of market share, and has outlined plans to level the playing field.
By some analysts’ expectations, the higher prices aren’t expected to ease anytime soon.
Seafarers, truck drivers and airline workers have endured quarantines, travel restrictions and complex Covid-19 vaccination and testing requirements to keep stretched supply chains moving during the pandemic.
But many are now reaching their breaking point, posing yet another threat to the badly tangled network of ports, container vessels and trucking companies that moves goods around the world.
In an open letter Wednesday to heads of state attending the United Nations General Assembly, the International Chamber of Shipping (ICS) and other industry groups warned of a “global transport system collapse” if governments do not restore freedom of movement to transport workers and give them priority to receive vaccines recognized by the World Health Organization.
China is set for a difficult harvest season as a severe energy crunch hurts the outlook for booming production, a development that risks triggering a renewed surge in world agriculture and food prices.