Posted: Wednesday, February 22, 2012
A recent USDA report shows the prices for traditional food items such as ground beef, turkey, and eggs have increased a staggering 10%. Simultaneously, Cleveland families are struggling to cut expenses by purchasing cheaper fare and stretch their dollar due to high unemployment, medical and utility bills as well as increasing gas prices. The USDA's Economic Research Services reports that the reason staple grocery items went up so quickly was because of increasing demand caused by "high unemployment, low wages, and other economic pressures [that] have pushed many consumers to save money by eating at home". Unfortunately, given the circumstances we have seen a less drastic increase in demand for expensive grocery items such as steaks and fish relative to the rapid increase in demand for milk, apples and potatoes. Restaurants are also bearing the weight of increase in food costs and a sluggish consumer economy. Most restaurants are making cuts in other areas such as labor, overhead and other expenses to avoid "passing along their cost increase to consumers" thus making them less competitive.
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