Food Inflation in Utah Expected to Accelerate.
Utah’s Food Prices
Because of the recent economic recession, food prices in Utah have increased moderately. In some cases, food prices haven even declined. Many grocery stores offer sales and coupons to entice shoppers to buy more food. Stores have also dropped prices on luxury foods such as wine in hopes people will once again spend on luxuries they don’t need.
Food Inflation on the Horizon
Recent months, however, have seen the economic recession improve somewhat. With better economic conditions comes higher prices in food. According to the U.S. Department of Agriculture, food inflation is expected to accelerate in Utah as much as 3 percent this year. There are some economists that believe food inflation will be even higher than predicted because the food market is so violate. The average Utah family of 4 could see their grocery bill increase by more than $20 dollars a month.
The United Nations Food and Agriculture Organization said world food prices in January rose to their highest levels since records began in 1990. The prices were based off of an index measuring the cost of a basic basket of food. Prices of commodities have jumped tremendously. For example, the price of wheat has increased 45 percent from the previous year and corn has increased by 37 percent.
Food basics, such as milk and meat, are especially expected to see a price hike this year in Utah. Food inflation means more and more people will struggle to put enough food on the table for their families and may add to their debt problems.
Plan on Food Inflation so it doesn’t lead to Debt
Since most Utahans won’t see food inflation take effect until later this year, it is important now to plan on saving more money to pay for food. If proper care is not taken to adjust to food inflation, the higher prices of food may be the catalyst causing people to succumb to financial ruin by delving them deeper into debt.
Experienced Lawyers Will Help You
If you feel you have already reached a point of financial ruin, and food inflation will only add to your financial burdens, call the experienced lawyers at the law firm of Salcido Law Firm at 801.413.1753. Utah’s experienced bankruptcy attorneys will help assess your financial options. Bankruptcy is a serious decision and is not the right option for everyone. Let the lawyers from Salcido Law Firm help you determine if its right for you.