Prices are rising on chicken and guacamole.
The Super Bowl is this weekend, and as usual, consumers are stocking up on snacks and side dishes to enjoy during the game. The usual fare abounds, from chips and guacamole to chicken wings and pizza. Unfortunately, it seems this year that prices may rise to uncomfortable levels due to inflation.
According to the latest report released by the Bureau of Labor Statistics, the Consumer Price Index is up 7.5%, a major leap over the same time last year. The cost of both goods and services is up across the board, which affects not just consumers, but retailers and resellers. The price of chicken, for example, has risen by 11.6%, which means restaurants that typically cater Super Bowl parties like Buffalo Wild Wings have to pay more just to keep their resources flowing. This deficit, unfortunately, is passed on to the customer.
The price of fresh Hass avocados is up as well, which means products that incorporate avocado like guacamole have seen a price hike of their own. Perhaps most worrying is the current state of beer prices. While the manufacture of the beverage itself hasn’t taken too heavy a hit, the world’s supply of aluminum has been severely bottlenecked. Without aluminum for cans, beer manufacturers can’t produce as many units as they’d like.
WATCH: Planning a Super Bowl get-together this Sunday? Expect higher prices for popular party products like chicken, snacks, alcohol, soda and more.@bpopken reports on what the latest inflation numbers mean for your wallet for @NBCNewsNow. pic.twitter.com/3Okqgrj3we
— NBC News Business (@NBCNewsBusiness) February 10, 2022
Altogether, consumers are expected to spend at least $14.6 billion on food for this year’s Super Bowl. High price points are expected to negatively impact the overall profitability of the event, which could prove to be a further misfortune for retailers.