How the Calif. Drought Will Hit Your Wallet
With California experiencing one of its worst droughts on record, grocery shoppers across the country can expect to see a short supply of certain fruits and vegetables in stores, and to pay higher prices for those items. Prof. Timothy Richards of the W. P. Carey School of Business at Arizona State Univ. recently completed research on which crops will likely be most affected and what the price boosts might be.
“You’re probably going to see the biggest produce price increases on avocados, berries, broccoli, grapes, lettuce, melons, peppers, tomatoes and packaged salads,” says Richards, the Morrison Chair at the Morrison School of Agribusiness. “We can expect to see the biggest percentage jumps in prices for avocados and lettuce – 28 percent and 34 percent, respectively. People are the least price-sensitive when it comes to those items, and they’re more willing to pay what it takes to get them.”
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