(Photo by Drew Angerer/Getty Images) Inflation is wreaking havoc on Americans’ wallets as they prepare to celebrate Easter.
Prices on all goods have risen 18.5% since January 2021, when President Joe Biden first took office, with prices for many Easter-associated items being higher, according to the Bureau of Labor Statistics.
“At the start of 2021, the price of cocoa (the commodity) was about $2240 per ton, and even throughout 2022, as inflation kicked up, it was mostly stable,” Peter Earle, an economist at the American Institute for Economic Research, told the Daily Caller News Foundation. “But in January 2023, the price per ton began rising…The massive spike in raw cocoa prices is a product of three factors: historically bad weather in Western Africa, where a bit more than 70% of the world’s cocoa comes from. But additionally some labor/wage disputes, and yes — inflation.”
Americans will […]
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