[Brielle Buckler]

In this unit, we learned the basics of economics, and how supply and demand, scarcity and abundance affect the way goods and services exist in the world. Now, let’s talk about it.

According to a recent article in Forbes Magazine, “The demand for additional battery life is so large Pokémon GO is already having an impact on the sales of external batteries and phone cases with extra battery capacity.” Popular portable battery makers told Forbes that the sales of certain products have grown significantly, up to double or triple just in Pokémon GO’s first week in the United States. On a less technological front, coffee prices are up by 13 percent due to increased demand, and the supply of Corvettes is not sufficient to meet the current demand. All of these statements come from headlines from the past three months, indicating that the laws of supply and demand impact everything from your phone to your car to MY coffee. This is the basis for our discussion this week!

Choose an article on a topic (product/good/service) that affects your daily life. Briefly tell us what your article is about. Which aspect of the article’s discussion affects your daily life? What factors do you think are influencing the supply and demand of the product/good/service that is the subject of your article? Include the URL of the Web site where you found the article, so your classmates can access it.

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In order to receive full credit for this assignment, all components of this assignment are due by 11:59pm ET on Sunday, July 31, 2022. You should first contribute a thoughtful post of your own before viewing/commenting on the posts of others. Students should review others’ submissions and comment meaningfully (refer to this guide from MSSU for reference) to at least two other students. For reference, here is the difference between a comment and a post — you will be using both for this assignment.

Once you submit your post, you must respond meaningfully to at least two other classmates’ threads. This assignment is worth a total of ten (10) points — 6 possible points for your original post, and up to 2 points for each of the two responses to your classmates’ posts. Please reference our Discussion Rubric for more information.

• This topic was modified 12 months ago by Brielle Buckler. Reason: Updated Date / Rubric Link
• This topic was modified 11 months, 1 week ago by Brielle Buckler. Reason: Added MSSU Guide

[Dilson Abreu]

Food price inflation is an issue to which I can relate since it impacts my everyday life. The article that I chose for this discussion is “Chicken Wings for $34? Pent-Up Inflation Will Drive US Food Costs Even Higher.” As we all know, food is one of our primary sources of survival in this world, and we cannot survive without it. Assume you had a tough day at work and decided to stop at your neighborhood fast food place to pick up some chicken wings. You look at the menu and see that the current price for 10-piece chicken wings is $20, however it was $12 last week. That represents a 66% rise in the price. Now you may wonder why I went up that much? And the simple answer to that is inflation.

 

This is a related example of what my article talks about, which is the inflation of food especially since the pandemic started. In the article “Chicken Wings for $34? Pent-Up Inflation Will Drive US Food Costs Even Higher” by Amy Yee and Tarso Veloso Ribeiro state “With a gallon of milk up about 25% since before the pandemic, and retail bacon 35% higher, it’s hard to imagine how US food inflation could get any worse.” This has an impact on my everyday life because I eat bacon virtually every morning for breakfast and milk occasionally for beverages. Now that production costs have risen by $3 or more, I won’t be able to obtain all of the food I need to prepare or even buy if I chose to go to an eatery. Another detail I would like to bring from the article is “Already in April, the US Department of Agriculture hiked its 2022 forecast for producer price inflation for most core foods. Cooking oils and farm-level wheat are expected to jump about 40% this year, compared with December projections of increased prices of as much as 5% and 4%, respectively.” This also means that, since the price of food has gone up there would be less demand which I believe will impact business in a negative way since the consumers won’t be able to buy their assets and not meet their salary expectations.

 

Some factors that are definitely influencing the supply and demand of the product/good/service is the rate at which prices grow over a certain period of time as a result of strong food price demand, which in other words can be described as inflation. If you scroll down a bit on the article’s website you would be a line graph of the consumer price index and the producer price index from 2012 to 2022. As you can see the consumer price index, which is the people that buy food products in food markets places have been increasingly paying more for food. Another example of influencing the supply and demand of the product/good/service is when the article states “Take the case of Jeff Good, who co-founded three restaurants in Jackson, Mississippi. Around 18 months ago, a 40-pound box of chicken wings cost him about $85. Now, it can go as high as roughly $150. Expenses for cooking oil and flour have nearly doubled in the past five months, he said. But it’s not just ingredient prices going up. He’s paying more for labor and services, too. Even the company that maintains his air conditioners has tacked on a $40 fuel charge per visit. To cope, he’s raised menu prices. This concludes one of the reasons why food price has gone up which in the case of Jeff Good, it was because he had to spend more money on buying the raw food products, pay his employee and maintenance services, so the only way for him to be able to pay all of this was to increase his food prices to match the spences.

 

Here is the link to the article: Will Inflation Raise US Food Prices Even More? – Bloomberg

• This reply was modified 11 months, 1 week ago by Dilson Abreu.

[Gal kedem]

Hi Dilson,

I read the article, and it is very interesting.

Undoubtedly there is ongoing inflation in the market. I think one of the causes is the growth of the global money supply in the market, which raises inflation.

During the pandemic, people spent less money, and now they return their reserves to the market to purchase different goods, which causes prices to rise.

[Paris Curtner]

Hi Dilson,

I think you made a really great point here. Whenever I think of inflation right now, chicken wings are actually one of the first things that come to mind. My local bar that I order wings from very often has almost doubled their price for wings recently. Also, I went to Buffalo, NY to visit my family in November 2021, the prices for wings weren’t as bad as in the city but they were still extremely inflated for Buffalo. I have never seen the price of wings this high before.

[Malcolm]

Hello Dilson,

As a self proclaimed foodie I enjoyed the article reading about the influx in prices on everyday items we need to sustain ourselves and how expensive it is to eat. The food industry took a tremendous hit during the pandemic and while yes a inflation in prices is expected but the up charge on lunch or dinner out is making the whole experience a business decision. Eating out here in New York City will easily cost you over a pretty penny especially if drinks are involved. The question is when will the market reset because the price on chicken in your article is outrageous and the price on eating healthy is even higher.

[Mubtasem Ali]

Hi Dilson,

Thank you for posting such an interesting article. I did not even know there was a Producer Price Index. The PPI increasing a rate much faster than the CPI surprised me. It may be due to lower consumer demand due to being cash strapped in the current economy, that businesses have not offloaded the extra cost of their expenses to their customers. I wonder if in the coming months if businesses will be forced to increase prices out of desperation or shut down, leading to a bigger slowdown in the economy.

[Michael Felipe]

Hello Dilson,

I was very interested while reading your response because mine was about the same topic as yours. Food inflation right now is surging and is taking a huge toll on America and its people.

[Brielle Buckler]

Thanks for sharing, Dilson. This is an excellent response to the prompt and is an article I’ll share with future sections of this course when we talk about supply & demand. The price of food is going up — you’re right — and that is very challenging for many who struggle with food insecurity.

[Sharon]

Hi Dilson, I really like the point you made concerning food because an increase of food cost also connects to another current worldwide issue we are facing which is world hunger and now with food prices rising up it is making it harder to purchase food as an individual and to provide for a family.

[Paris Curtner]

I think we can all agree that so far in 2022 prices are increasing rapidly in just about every category you can imagine, inflation is getting out of control. I have selected the article “Median Rent in Manhattan Reaches a New High” from the New York Times.

2020 was a really scary year due to having one of the most deadly viruses come upon us in history. Due to this happening, people were scared to spend money and people were leaving the cities that got hit really bad. With NYC being one of the most hard-hit cities in America from Covid-19 a lot of people left, causing the demand for apartments in the city to drop to an all-time low in multiple decades, causing the supply to increase which made prices drop to meet demand. Once my current lease ended in May 2020 I knew I had to browse the market and take advantage of all the good deals out there. I ended up finding a really good deal on an apartment in the city that was almost $1,000 less than what the price was in 2019.

But now in 2022, NYC is starting to recover from the struggle with businesses reopening, a lot of people have either moved to the city for the first time or are coming back. The demand has increased, causing the supply of apartments to drop which is raising the prices to an all-time high. The median rent price in Manhattan in May 2022 has topped $4,000, which is a 2% increase from April 2022 and more than a 25% increase from May 2021. This has many residents worried that if the prices aren’t done raising that they will no longer be able to afford their apartment and get run out by someone who can.

My article link: https://www.nytimes.com/2022/06/09/realestate/manhattan-rent-nyc.html

[Gal kedem]

Hi Paris,

I also feel the effect of the rise in apartment rentals in the city.

As you mentioned, the rise in demand as people come back to the city after the pandemic and the decrease in the supply of apartments is causing the prices to strike.

I think that monetary policy actions should be taken by the federal reserve to stabilize the equilibrium.

[Dilson Abreu]

Hello Paris,

I agree with your statement about how inflation has affected the apartment hunting market. If you try to look for a studio in New York it will cost about $1,500 depending on the area. This is absurd since a studio is almost the same size as a living room with a kitchen, bathroom, and bedroom all squashed into one.

Also, as you stated this is happening because of the high demand because people are coming back to New York in 2021.

[Mohinabonu Saidova]

Hi Paris

I agree with your opinion about inflation, you are very right. Currently, the rental price of studios and 1, 2, 3 bedrooms has increased. It is very expensive, for many people these prices are not right.

• This reply was modified 10 months, 2 weeks ago by Mohinabonu Saidova.
• This reply was modified 10 months, 2 weeks ago by Mohinabonu Saidova.

[Parhoun Farrokhinia]

Hi Paris,

I agree with your statement about inflation and it’s Its effects on the rental price. Considering that most people pay most of their income for rent, the fluctuation of rent prices can be very annoying.

[Mubtasem Ali]

Hi Paris,

I think the housing prices in NYC have become a very real issue in NYC in the past year.  I am seeing many people who would have thought they would spend their whole life in NYC, are leaving everything they have to move to a more affordable market. NYC is pricing out many of its citizens, what will the city look like when middle-class and low-income citizens cant afford to lie there?

[Brielle Buckler]

Great example and explanation, Paris! Rent prices in NYC dropped to all-time lows to the dismay of landlords as residents fled the city for the suburbs, and now rent prices are higher than ever as people come back. A classic supply & demand example — that we’re all dealing with. Thanks for sharing.

[Gal kedem]

For all of us living in the city, prices have risen exponentially over the past year in all areas of the market. I fill it the most with my apartment rent as it makes me recalculate my expenses according to my financial ability and scarcity. Real estate and rent prices have reached an all-time high as the average rent price in NYC has surpassed $5,000. I have chosen the article “For the first time ever, Manhattan’s average rent surpasses $5,000 a month”.

 

The global pandemic that stroked the world in 2020 has affected the balance, especially in areas where Covid-19 cases and death were high. As Covid hit NYC significantly, many people moved out of the city, and various businesses shut down. The demand at that time decreased dramatically while the supply increased, which caused rent prices to drop. It allowed the middle class to acquire luxury apartments. Around this time of the year, In 2021, the average rent price was around $3,900, a year-over-year spike of about 29% brought it to over $5,000.

 

According to the article, a couple of major factors cause this price rise:

• ongoing record-high inflation.
• Locals began returning to the city after the pandemic had faded out.
• Schools have reopened.
• Companies implemented hybrid-home arrangements.
• Outsiders that work remotely have moved into New York to take advantage of their remote-working ability.

The most common aspect of these factors is the demand increase by consumers while simultaneously, there is a decrease in supply. Both of these contribute to the exponential rise in rent prices in the city, along with the ongoing inflation that is also affected by the cracks in the equilibrium of the market.

 

Article link: https://www.marketwatch.com/story/for-the-first-time-ever-manhattans-average-rent-surpasses-5-000-a-month-11657813412.

 

 

T

[Dilson Abreu]

Hello GK,

You made a very clear point about the factors of inflation. I believe that people started to leave their apartments at the time of the pandemic because since a lot of people lost their jobs, they were not able to afford rent, so they had to make a financial sacrifice of moving back to their home town and save money with the stimulus money they got from the government.

The article was also a very good source for your statement.

[Mohinabonu Saidova]

Hello GK

I agree with you, and you made it very clear. A lot of people couldn’t work and couldn’t pay their rent during the pandemic, they had a lot of trouble paying the rent.

[Paris Curtner]

Hi Gal,

I think you are spot on here on the supply and demand of the rental market in New York. It is really nice to see that New York is back on the rise again, but hopefully we can find a good balance soon of growth and price stabilization. I as well have been recalculating my personal finances in fear of my rent skyrocketing next year when it’s time to renew my lease.

[Allah Williams]

This is a perfect explanation with supply and demand totally agree with you on your argument

[Parhoun Farrokhinia]

Hi Gal,

I agree with you and your answer was clear. A lot of people had trouble paying their rent.

[Renique Baimbridge]

Hello Gal,

Great discussion. What I believe is funny is that due to the high rent prices in New york city, many people are moving down south where it is believed to be cheaper, but as the demand gets more increased, so do the costs, and now they’re almost matching what they were moving away from.

[Brielle Buckler]

This is an excellent example of supply & demand, Gal. Rent prices in NYC have perhaps never fluctuated as much as they have in the past two years, thanks to COVID and the migration of so many New Yorkers to the suburbs. Thanks for sharing.

[Mohinabonu Saidova]

The positive impact of mobile phone use on our society and environment. Currently developing.

Mobile phones are proof of our technological progress. Mobile phones have become a part of our daily life, it is impossible to do our daily tasks without them. From communication to entertainment, what can’t this gadget do? If we list the positive effects of mobile phones, they are as follows:
Communication: The main root of human colonization, communication. Nowadays, mobile phones have the ability to connect people all over the world, no matter where they are. Not only that, they are easy to carry and easy to access, communication has never been easier. Social media applications also play a major role in communication, allowing us to talk to our loved ones on a daily basis.
Entertainment: From the latest Hollywood blockbusters to your country’s top news, it’s all on your mobile. Now we don’t have to wait for our favorite TV show or the news, we have access to what we want to watch with one touch of the screen, which saves time. Mobile phones also act as a gaming platform for people looking for entertainment or just to pass the time.
Daily utilities: Apart from entertainment and communication, mobile phones now have applications that help them perform daily tasks effortlessly. From paying bills, booking taxis and hotels, to online maps for navigation, capturing our unforgettable moments with built-in cameras. Cell phones do it all.
Modern man is very strict to keep track of everything, mobile phones help us to be organized. You can save important documents and memos, reminders, etc. that you can email. Calendars and stopwatches are basic tools found in all mobile

 

Link:phones.https://www.tech21century.com/pros-and-cons-of-mobile-phones/

[Brielle Buckler]

Mohinabonu — thanks for sharing this article and the pros/cons of mobile phones…but I don’t see how this relates to supply & demand without your added analysis. If the market is saturated — meaning everyone has a mobile phone — how does demand increase or decrease? What does that mean for pricing?

[Mubtasem Ali]

The pc and computer hardware space has been seeing massive shifts in both supply and demand. These shifts in demand and supply are both positive and negative. They are making the industry hard to predict and navigate. Recently we saw intel miss their earnings by 8% and have seen their revenue drop significantly, something we see more of in the future. The hardware space saw a massive boom, during the start of the covid pandemic, various shifts in economic activity, and consumer and investor behavior led to a domino effect of the explosion in the hardware space. Hardware was not only seeing unprecedented demand but unprecedented supply constraints, due to shipping and factory shutdowns in China and Taiwan we saw a massive shortage of hardware. Some of these shifts in demand were indirect. I cannot say for a fact these reasons saw a price increase, however, I will give my view of it. During the pandemic, we saw lots of stimuli pumped into the economy and a massive drop in various spending habits due to the new lifestyle changes like mandatory quarantine and social distancing. While demand for things like restaurants and bars dropped heavily. The new money pumped into the economy and shift In consumer purchasing habits led to an increased supply of spending for people to spend on hardware. Furthermure other factors, such as working at home and replacing in-person activities with socially distant activities like gaming led to an increased to demand computers. Furthermore, many people used their disposable income that was previously spent on lunch or being out was spent on ineestments. Some of the investments were crypto currency, the boom in crypto prices and following attention led to more investment into it. One thing that crypto prices affect is the demand to mine crypto, as crypto prices increase the returns on mining increase. During the peak, many could a return of investment of more than 250% in their first year. The main cost is hardware, which is a fixed cost that doesn’t increase. Mining crypto requires powerful hardware, in particular, graphics cards. We saw graphics cards be sold out and being sold for double or more MSRP for years until recently in the last few months. Much of this can be attributed to lower demand in mining due to heavy drops in ETH value and supply finally catching up to demand. I believe with the upcoming economic difficulties as stated by Luarence Goasduff in his article lined below “A perfect storm of geopolitics upheaval, high inflation, currency fluctuations, and supply chain disruptions have lowered business and consumer demand for devices across the world and is set to impact the PC market the hardest in 2022,” said Ranjit Atwal, senior director analyst at Gartner. “Consumer PC demand is on pace to decline 13.1% in 2022 and will plummet much faster than business PC demand, which is expected to decline 7.2% year over year.” as well as the factors i have stated will lead to a heavy drop in hardware demand. Although MSRP prices have dropped 15-25%, the real prices consumers pay, the resell market prices which were more than double have dropped more than 50%. This is a massive drop in price and cannot just be attributed to the upcoming recession. I believe the factors i stated above have led to this drop.

 

https://www.gartner.com/en/newsroom/press-releases/2022-06-30-gartner-forecasts-worldwide-pc-shipments-to-decline-9-5-percent-in-2022

[Bekzod]

Hello. You correctly noted everything. The technology is really becoming mainstream and the newer the product comes out the more people are interested in buying it. Good point, well done.

[Allah Williams]

This is so true the technology is becoming more popular and immersive everyones wants to stay up to date nice brief answer

[Brielle Buckler]

This is really interesting — thanks for sharing, Mubtasem! I haven’t had to purchase a computer in years, luckily, but I’m sure that as demand went down, prices had to drop as well. Now, because of inflation, everything is becoming more expensive.

[Bekzod]

Todd Crummel, owner of a Chicago real estate firm, said prices have been rising in the construction industry in recent months. “Lumber, metals and similar goods at first went up a lot. Then the prices decreased a little in comparison with the maximum values. But still higher. There is also another piece of news. Over the past 12 months, the cost of fuel has increased by 62% and reached a record high of $ 5 per gallon. A year ago, the average price of a gallon of gasoline in the US was $3.07; since then, its value has increased by 62%.
Although residents of European countries have long been accustomed to paying much more at gas stations, gasoline taxes in the United States are lower, which is why Americans are shocked by such a sharp increase in prices.

The increase in fuel prices follows a steady rise in oil prices, which fell sharply in the early days of the COVID-19 pandemic due to falling demand, but rose again as global economic activity resumed.

Oil prices jumped further after Russian troops invaded Ukraine in late February, prompting wide-ranging sanctions against Russia, a major oil producer.

[Brielle Buckler]

Hi Bekzod — thanks for sharing. Which topic do you think is more relevant, and what are your sources? I’m interested in both, but I wish you went a little deeper in your response.

[Allah Williams]

This article discusses how Disney and Hulu are stealing Netflix’s membership base. Because I am a Netflix subscriber, the topic of the article’s debate has an impact on my day-to-day activities. Hulu & Disney are more affordable and offer better material, which in my opinion are the elements affecting the market forces of Netflix.

[Brielle Buckler]

Allah, you have not included an article or provided your own contextualization of what you read. Make sure to answer all questions in the prompt so we can learn from your insight!

[Parhoun Farrokhinia]

As all of us know, inflation is horrible. In some countries, such as my country, the rate of the inflation rate is rocketing up day by day. Some days people wake up and read the news about the price of oil, butter, and rice and their prices will be multiplied. They decide to buy their daily needs at the old price before they come to the market at the new price.

I can remember the days we couldn’t find oil and butter because of this inflation. As this article mentioned “Some commodities have crossed the critical inflation mark. Comparing the average price of food items in this month with the same month in the previous year shows that in two cases of selected food items, the changes were more than 100%. The highest price increase belongs to pasteurized butter (121.4%), chicken (118.8%), and liquid oil (89.0%).”

As we all know, these products are necessary for people and all of us need to use them. So the demand for butter and other products is the same as in the past.

link to the article: https://www.ncr-iran.org/en/news/economy/irans-rising-inflation-rate-and-skyrocketing-prices-and-their-effects-on-people/

[Malcolm]

Hello Parhoun,

First thank you for posting the article and shedding light on a topic I would not know anything about since it is in a different country. Reading the article I and your entry it is disheartening to see the corruption and greed in Iran has seriously hurt its people that live there. The markup of essential needs and everyday food items without the rise of the economy is criminal. This is disheartening for the people of Iran, who do not have other options and will suffer the most do to choices of other people.

[Brielle Buckler]

Hi Parhoun — you’re right! All over the world, prices are going up, and for those in resource-strapped economies, sometimes finding certain products can prove difficult or price-prohibitive. Thanks for sharing your perspective.

[Malcolm]

One of the everyday product that is affected in my daily life by supply and demand are sneakers. The rise of popular Nike, Jordan and Adidas sneakers throughout the years has made buying the sneaker you want when you want it for retail price basically impossible. The process of having to download Nike’s raffle style sneaker app SNKRS or Adidas confirmed app so you are able to join a virtual raffle with the opportunity to have a chance of getting the sneaker you want at retail price. Most likely when you miss out on that the sneaker you want it will pop up on the re sale market but the price is marked up to a absorbent amount.

The article behind what I have chosen is titled “How supple chain woes caused the hottest sneakers to become scarcer”. In basic the supply for the more popular sneakers are scarce due to a number of reasons including labor cost rising, covid and continual supply chain issues. The two most popular sneaker brands that dominate a large percentage of the market is Adidas and Nike. The article outlines a domino effect from shipping prices going up effecting the amount of sneakers they are able to transit at a time to labor and staffing issues. In short me as a consumer suffers the most. The most popular sneakers already are sold in a limited amount, when these issues arise that amount can get diminished more making it even tougher on consumers. Adidas and Nike in some way like the article says benefits from the shortage of sneaker because they are able to generate a even bigger buzz since the sneakers supply compared to the demand is limited.

Here is the link to my article: https://www.modernretail.co/retailers/how-supply-chain-woes-caused-the-hottest-sneakers-to-become-scarcer/

• This reply was modified 10 months, 1 week ago by Malcolm.

[Renique Baimbridge]

Hello Malcolm,

I believe this is an exciting topic because original retail prices are so reasonable but due to increased demand and popularity. Individuals are buying them all and then upselling them to gain a massive profit, and because they’re so popular, people will buy them, no matter the price.

[Brielle Buckler]

Malcolm, you bring up such an interesting corner of the market: sneakers! There is intentional supply shortages to increase demand for new releases. Great example.

[Renique Baimbridge]

Choose an article on a topic (product/good/service) that affects your daily life. Briefly tell us what your article is about. Which aspect of the article’s discussion affects your daily life? What factors do you think are influencing the supply and demand of the product/good/service that is the subject of your article?

 

The article I chose is titled ” Gas prices 2022: What experts predict for the rest of the year,” written by Bob Haegele. This article touches on many different topics such as the gas price trends, the reason that the prices keep rising, the increase in demand, and theories of whether gas prices will keep growing or not. It’s a domino effect because the article points out all the events that led to that drastic increase from when we were in a 2+ year pandemic due to the coronavirus outbreak, the rise in demand, and the Russian vs. Ukraine war.  According to an article published by “Gallup,” 83% of Americans drive daily. This means about 273 million people are on the road daily. The demand is through the roof, but supplies are low, so whenever there is a high demand for a product and the supply is low, the prices rise ( inflation). This was only one of the reasons the article states, “Even though the United States only imported about 8% of its oil from Russia before sanctions took effect, gas prices have risen dramatically because Russia is the world’s third-largest producer of oil and gas.” The dispute between the countries affected many different parties. I do not drive, but due to the distance between my job and work whenever I do take a uber, there is a surcharge because of the rise in gas prices.

 

Article #1 :https://www.gobankingrates.com/money/economy/gas-prices-expert-predictions-rest-of-2022/

Article #2: https://news.gallup.com/poll/236813/adults-drive-frequently-fewer-enjoy-lot.aspx

• This reply was modified 10 months, 1 week ago by Renique Baimbridge.

[Michael Felipe]

Hello Renique,

I read your response and noticed that I relate to the part where you said you have to pay more for an Uber. The prices for Ubers have definitely risen so whether you drive your own car or not, you will still have to pay more for other transportation methods.

[Brielle Buckler]

This is such a topical post, Renique. Thanks for sharing! I love that you add your own perspective here: even though you don’t drive yourself, you experience the results of this price hike thanks to Uber surcharges.

[Sharon]

I agree with your statement about the gas prices because gas plays a huge roll in our daily lives and we need it to fuel up our  vehicles that we use as a source of transportation to get to where we need to get.

[Michael Felipe]

I believe it’s clear to see that so far in 2022, food prices in America have surged due to inflation. We are at the point where it’s really getting out of hand and people’s lives are getting heavily affected by it. The article I chose was “Food Inflation Surges Over 10%-Here are the New Costs for Family Dinners” by the New York Post where it’s explained how much food prices have risen in 2022.

According to the article, food prices have risen 10.4% as of June compared to a year ago. Due to the fact that restaurant prices have drastically increased people tried to save money by cooking at home. However, food at the supermarket food prices rose as high as 12.2%. This is currently leaving people in a very difficult situation as they have to spend so much more money for food no matter where they are eating. There are several factors which are the cause for the food inflation going on in America. According to the article, the events causing this are the war in Ukraine, ongoing shortages in the labor market, fuel costs, droughts and other natural disasters in key markets where wheat and corn are sourced. Since these events are happening the value of food has risen which is what leads to its prices rising along with it. This affects me because now when I go grocery shopping I don’t save as much money as I did before. A big detail that has to be mentioned is that people have started to cut back on healthier food as an attempt to save money because healthy food usually is more expensive. However, I haven’t cut back on healthy food at all so most of my money gets blown away on just food itself. In conclusion, food inflation is impacting American lives in a horrible way and the worst part about it is we don’t exactly know when it will stop.

You can access the article with this link: https://nypost.com/2022/07/29/food-inflation-surges-over-10-here-are-the-new-costs-for-family-dinners/

 

 

 

 

 

[Brielle Buckler]

Thanks for this example and this article, Michael. Food prices at grocery stores and at restaurants are going up thanks to the factors you mentioned. We’re all feeling it right now, since we all need to eat!

[Sharon]

The article that I have chosen to use was rd.com . The article that I chose to write about was about the increase in price rising in medical supplies. I choose this specific topic from the article because as a victim of the covid-19 pandemic and a victim of a bad cold case; finding medical supplies on a budget was not an easy task online and in stores. Prices had went up drastically and made it almost impossible to get medical supplies. Even taking your chances in hospitals was no help because of an increase of hospital bills due to the high ride price of medical equipment itself. According to the article rd. com “Hospitals are paying more for supplies this year, and it’s not just for masks and gloves. Equipment like heart defibrillators, exam tables, and IV poles, which depend on raw materials like metal, plastic, and microchips, are now in short supply, and when they are available, they’re costing more.” This shows ho0w even medical vendors are rising up prices or either not even available for hospitals to oder to stock up due to maybe other medical businesses buying high price bulk out of fear of running out resources for their patients. The cause for this inflation is due to the rise of the covid-19 cases and multiple patients are showing up day by day. http://rd.com

[Frances Dotse]

The product that affects my daily life is Cetaphil Moisturizing Cream. While this item might seem a bit random, it contributes a great deal to the quality of my day. I suffer from extreme dry skin and after experimenting with different creams/lotions, I finally settled on Cetaphil. When I came across Cetaphil in 2019, I was delighted. The cost of a 20 oz, 2-pack was $13.99 and would occasionally drop to $10.99 during sales. I was relieved to have found a remedy to my dry skin and a cost efficient one at that. Fast forward to 2022, where the cost of this same 20 oz, 2-pack cream is $22.99- an almost $10 increase. I was unable to find an article that shed light on the price increase but instead, I found several articles hailing the brand as one of the best skincare brands out there. My opinion is that after the lockdown ban was lifted, the company needed to make up for the financial loss and coincidentally that is when they began to gain traction on social media, leading to them almost doubling the cost of most of their products.

https://www.healthline.com/health/beauty-skin-care/skin-care-routine-for-oily-skin

• This reply was modified 9 months, 3 weeks ago by Frances Dotse.

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