Costs of Chicken and Guacamole Likely to Surge
As the Super Bowl approaches this weekend, consumers are gearing up by picking up snacks and accompaniments to enjoy while watching the game. From the classic combinations like chips and guacamole to the perennial favorites such as chicken wings and pizza, the variety of options is vast. Unfortunately, this year there’s a possibility of prices escalating to uncomfortable levels due to inflation.
The recent report from the Bureau of Labor Statistics highlights a substantial 7.5% increase in the Consumer Price Index compared to the same period last year. This inflation has affected the prices of both goods and services across the spectrum, impacting not just consumers but also retailers and distributors. For instance, the cost of chicken has surged by 11.6%, creating challenges for eateries like Buffalo Wild Wings that typically cater to Super Bowl gatherings, as they now have to pay more to maintain their supplies. The burden of this additional cost unfortunately gets transferred to the end consumer.
The price of fresh Hass avocados has also risen, leading to an increase in the prices of products containing avocado like guacamole. Another cause for concern is the current state of beer prices. While the production of the beverage itself has not been significantly affected, there has been a severe bottleneck in the global supply of aluminum. This shortage of aluminum cans is hindering beer manufacturers from producing as many units as they would like.
WATCH: Organizing a Super Bowl gathering this Sunday? Expect price hikes on popular party essentials such as chicken, snacks, alcohol, soda, and more.@bpopken provides insights on the implications of the latest inflation figures for your budget via @NBCNewsNow. pic.twitter.com/3Okqgrj3we
— NBC News Business (@NBCNewsBusiness) February 10, 2022
In total, consumers are anticipated to spend roughly $14.6 billion on food for this year’s Super Bowl. The projected high prices are likely to impact the overall profitability of the event, potentially posing further challenges for retailers.
