Food prices are soaring, and with no sign of slowdown vendors in Manhattan are feeling the crunch. It’s the worst price increase in 17 years, and prices of staples like eggs, flour and dairy are rising at the fastest rate since 1990.
A trip to the supermarket might be more traumatic than ever, but prices aren’t only higher at your neighborhood Kroger (KR), Safeway (SWY) or Supervalu (SVU). Entrepreneurs whose businesses hinge on our hunger are starting to sweat these economic realities too, and they’re praying customers will heed their empty stomachs rather than their near-empty wallets.
According to American Farm Bureau data, eggs increased in retail price by 38% in the past year, and cage-free eggs increased by 35%. Milk rose by 10%, and the price of wheat hit a record high at the end of February. As the folks in this video would attest, it’s enough to make you want to skip breakfast.