Declining Food Costs Linked to Drop in Producer Price Index
The price of food surged over the last year but there is a sliver hope that rates could be on the downswing. Marty Cantor, CPA and economic development consultant, joined Cheddar News to provide some insights into declining food prices and whether or not consumers should expect them to climb again. "A big component of the producer price index is gasoline -- transportation -- but that's coming down. But that could turn around because oil prices are now up," he said. "The producer price index is the final prices for goods and services that a retailer will have to pay and then the retailer, in turn, will put their profit margin on it and sell it to you as a consumer and that's the consumer price index."
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Some small grocery stores and neighborhood convenience stores are eager for the U.S. government shutdown to end and for their customers to start receiving federal food aid again. Late last month, the Trump administration froze funding for the SNAP benefits that about 42 million Americans use to buy groceries. The U.S. Department of Agriculture says about 74% of the assistance was spent last year at superstores like Walmart and supermarkets like Kroger. Around 14% went to smaller stores that are more accessible to SNAP beneficiaries. A former director of the United Nations World Food Program says SNAP is not only a social safety net for families but a local economic engine that supports neighborhood businesses.
