Inflation woes hit upcoming US Super Bowl; beer prices up by 11% in past year

Super Bowl LVII has almost arrived. While fans are excited to witness the marquee event once again, inflation may throw a wrench in their Super Bowl party plans. The price of beer has increased by 11 percent in the US from the previous year, while the spirits and wine saw a jump of 2 and 4 percent in their rate, respectively, according to Wells Fargo Super Bowl Food Report. However, there are some silver linings as well. The report says that the prices of several popular snack items have declined. Ease in supply issues have caused the price of a pound of chicken wings to fall 22 percent from last January. The retail price for whole chicken wings stood at $3.38 per pound for the week of Super Bowl LVI, as per the weekly retail price report of the US Department of Agriculture Chief Agricultural Economist at Wells Fargo, Michael Swanson has stated that the price of the item dipped to $2.65 per pound in early January. He added that chicken wings had gotten so expensive last year that consumers were seeking alternatives for the widely popular dish. “Poultry producers then brought in a significant increase in supply and now it’s at the highest level of supply since early 2019,” Swanson added. It’s not just chicken wings. Numerous food items have seen a drop in their prices. One such product is sirloin steak, which fell almost $1 per pound according to Swanson. He said that the price of shrimp has also seen a decline. A drop in demand caused the price to decrease by 17 percent to $3.78 a pound. Furthermore, the average retail price of avocados is down 20 percent since the previous year. This comes after an excess supply of the delicious fruit led to a fall in wholesale prices. In 2022, the prices of avocado had climbed in the first half of the year after a brief halt to the imports of avocado from Mexico agitated the supply chain and inflated prices. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.