Pandemic-related supply chain disruptions, Russia’s invasion of Ukraine and excess savings have all resulted in one thing: high inflation. Amid the spring of 2021, prices for certain goods — especially food — increased greatly, according to the Federal Reserve System. Those price hikes eventually became more widespread by the fall of 2021, and by 2022 inflation had risen to levels not seen in 40 years.
Surely, such high inflation rates coupled with rising living costs came with consequences. Following COVID’s peak, “shrinkflation,” in which items shrink in size or quantity while their prices remain the same, grew rampant. Same with “fast-flation,” which has led to a decrease in consumer demand for fast food due to soaring menu prices.
