The Bureau of Labor Statistics just released its inflation report for March. The results sent stock prices tumbling after news broke that inflation has grown compared to previous months and year-over-year. Results exceeded economists' expectations, which doesn't bode well for Black shoppers.
Last year saw a substantial moderation of grocery prices and overall inflation. Prices that had skyrocketed since the beginning of COVID-19 had begun to slow. Still, the cost of eating at home had jumped over 24%, and Black households felt the squeeze.
Even with supply chain issues resolving across the board, corporations have kept grocery and produce prices high. Corporate profits have never been higher and have continued to grow month-over-month since the pandemic started. While dairy prices have fallen, those of meat and other staples have risen.
The Federal Reserve expected to cut interest rates two to three times this year in response to the positive outlook on jobs and inflation numbers. Now, those expectations have been dashed, and prices and interest are expected to remain high for at least the next quarter. When Black families have less disposable income, price volatility makes feeding their households even harder.
As reports continue to show that the economy is booming, there are still areas of stagnation. Black households continue to contend with soaring prices and struggle to keep their families fed.