Climate change, major drought in the West, labor shortages - all affect the cost of producing our favorite foods. And prices have been on the rise. Now the U.S. Department of Agriculture projects even greater price increases: beef up 5.5-6.5 percent; dairy, poultry, and produce up 3-4 percent.
Grocers have responded and consumers have taken notice, and some of the most popular food and beverage joints have begun hiking their prices in response as well.
Consumers might get sticker shock at the grocery store and adjust their behavior accordingly, but when it comes to their go-to fast food comforts — Double-Doubles and Frappuccinos — will a dime or 15-cent increase affect their habits?
The Supermarket Guru Phil Lempert joins Take Two to talk about the rationale behind changes in consumer behavior when prices rise.