New York…Kosher consumers worldwide are helplessly watching creeping inflation. Retailers in the US say that prices on average have been increasing by 7% - 8% a month, including beef and poultry. Countries in Europe are also experiencing sharply higher prices since so much of kosher food is imported. Labor shortages and sharply higher shipping costs are causing prices on kosher foods to constantly go up as inflation raises its ugly head.
Israel's Consumer Price Index (CPI) rose unexpectedly by 0.3% in December 2021, the Central Bureau of Statistics reports, above the analysts' expectations of 0.1-0.2%. During 2021, the CPI rose by 2.8%, within the Bank of Israel's target range for inflation of between 1% and 3%.
Inflation hit its highest rate for a decade in 2021, after negative inflation of 0.7% in 2020 due to the Covid crisis, according to a report in Globes, Israel’s prestigious business media.
The annual inflation rate in the US likely accelerated to 7% in the last month of 2021, a fresh high since June of 1982, and compared to 6.8% in November. Still, the monthly rate is seen easing to 0.4% from 0.8%. Eleven Countries with Soaring Inflation. Interestingly three of the high-growth, emerging market BRIC nations — Brazil, Russia, India, and China — are among the nations suffering from high inflation.
The big question for the kosher food industry is how much of the inflation picture will affect Passover pricing of foods.