Cost-conscious consumers may soon find themselves in a difficult situation, as grocery prices for certain basic items are projected to soar by 2030.
What's happening?
Online shopping platform BravoVoucher issued forecasts for price increases on basic food staples in the next five years, as Euronews detailed. BravoVoucher did this by using recent historical data for food price inflation and modeling both a moderate and a more severe — and, some say, more likely — scenario.
They found that food prices across nearly every category will continue increasing. But worryingly, many of the most drastic price changes could be with pantry staples and basic, common foods.
For example, Euronews reported that olive oil is projected to be one of the hardest-hit items. In the last five years, prices have already risen by nearly 115%, and some estimates place the new price at more than twice that amount by the end of the next five years.
Other products forecasted to increase include granulated white sugar, mineral water, milk, cereal, cookies, cheese, chicken, broccoli, and baby formula.
Why is inflation concerning?
There are numerous causes for the anticipated price hikes, but most share a common theme: rising global temperatures. This is particularly concerning as those changes — caused by human-made toxic pollution — continue to trend upward.
In the case of olive oil, the olives used by many of the world's largest producers are grown in southern Europe. However, warmer temperatures on the continent have interfered with harvests this year, from changing precipitation levels to worsening droughts, which has "gone a long way" in bumping up the prices of olive oil, Euronews explained.
Similarly, weather-related issues have worsened sugar production, which has impacted baked goods, chocolate, and other sugary treats.
Per Euronews, Bravo Savings Network CEO Marco Farnararo said: "This research provides a scary look into the future of food prices if current inflation trends continue. The dramatic increase we've seen in prices for everyday essentials like olive oil and baked beans is particularly concerning. It highlights the urgent need for effective economic policies to stabilize inflation and protect consumers."
While some of these increases may seem small — a difference of only 50 cents or a couple of dollars — these changes quickly add up over time.
What's being done to slow down inflation?
Ultimately, slowing the rise of food prices will only happen in the long term if atmospheric warming also slows.
And while many of those changes will need to be made by governments and corporations, taking local action — even with something as small as buying secondhand clothes rather than new, or swapping out a bus or Uber ride and walking or cycling instead — makes a difference.
And for really ambitious foodies, the cheapest way to eat is to grow your own food!
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