Now days, everything you buy comes from everywhere. That means events anywhere can affect price and supply. Consider these stories from the last month.
Walmart is lowering prices on staples in at least 1,200 Midwest U.S. stores to compete with other grocery chains, which is causing a price war in Iowa and Illinois. At some stores a gallon of milk costs around $1 and a dozen large eggs cost less than $1.
A proposal by U.S. House of Representatives republicans to tax imports but not exports most likely won’t change things much. However, it might hit your wallet, starting with increasing costs in clothes and shoes. Ninety-seven percent of clothes and 98 percent of shoes sold in the U.S. are imported.
Experts are predicting a global olive oil shortage, as poor growing weather in olive oil-producing countries coincides with rapidly growing demand.
British supermarkets started rationing lettuce, and other fruits and vegetables have been limited, thanks to bad weather in southern Spain. Some people there are worried this could be a taste of the future, as Brexit forces changes to trade agreements.
Increasing water prices could cause water to become unaffordable for a third of Americans in the next five years, according to a Michigan State University study. The major driver for the rise is the cost of replacing aging pipes.
Shelves aren’t necessarily going to empty overnight – unless there’s a nearby natural or human-caused disaster. However, price increases could make goods less affordable than they are now.