Supermarket prices are expected to rise 15 to 20 per cent in the next two months, because of Trump’s Iran war and resulting oil price rises. If the conflict lasts six months or more prices of all products will go up significantly.
Items likely to see the quickest increases are energy-intensive goods, such as bakery products, bread and frozen goods. Other products expected to see price increases are packaging (oil-based) bottled water, soft drinks, sauces and condiments. In time your electricity bill will likely rise too.
Shipping costs are going up as firms avoid the Middle East and take longer routes. Freight through the Suez Canal and the Strait of Hormuz area has been impacted. Fertilizer costs are up 30 to 40 per cent, which will drive up prices of agricultural products. If you are a petrol car driver expect inflated prices at the pump; electric car drivers will not be immune because the power stations will have to pass on higher costs.
As Trump is threatening to obliterate all of Iran’s power infrastructure and the Iranians counter by saying they will respond by attacking regional infrastructure, and closing the Strait of Hormuz, the immediate future is gloomy, war clouds roiling.
Wouldn’t it be nice to have Joe Biden back, peace again and no more of the orange clown?
I wish more people would shop local instead of relying on supermarkets & then wondering why all the small shops are closing.