this post was submitted on 19 Aug 2024
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It's not greed, it's just ""international factors"" that are causing them to put prices up. Russia invaded Ukraine so they have to charge extra for a sandwich of course!
Okay perhaps you're joking, but this is something that people across the world are not aware of or don't want to acknowledge. Ukraine is a major agricultural exporter, and a lot of their produce go to farmers across the world. The supply of many Ukrainian produce, especially grain, had been restricted which increased global food price and has not gone down to pre-war level. Fewer supply but more demand leads to higher price. Including in the link I gave, it mentioned that if the war is sustained for long, it could further worsen food crisis in many developing countries. There is a reason why Africa sent delegates to try to mediate on the conflict. But they won't tell you that it is because they rely on stable global food price to feed their people, and much of chicken feeds used by African farmers are imported from Ukraine! People don't see the full picture at how integrally interconnected we all are.
When a country sneeze, we all catch cold.
While that all sounds sane and rational, it's a sad fact the price trend does not appear to go both ways. Do you believe that food prices will go back down after supply goes up?
The rational part of me thinks "yes, of course". The cynical part of me thinks, "no, of course not, aritificially limiting supplies would be too profitable."
Macroeconomics 101 would tell you no, prices won't go down because prices are sticky. Like your salary for example, just because a business is doing poorly your wage won't go down.
I won't get into the weeds about it, but if Ukraine was magically restored tomorrow, prices wouldn't go down but it would help prices from going up faster.
If we see prices go down that's a bad thing, and we are in for a rough time.