00:01
Compare the changes in price of basic commodities to that of other products like oil and electricity or energy based products.
00:10
So, based off of my research, it looks like there is inflation happening with food.
00:27
So the causes of this would be inflation, pandemic related supply chain disruptions, and tariffs on foreign imports.
01:08
Food prices have steadily risen since 2020.
01:15
Inflation has been slowing in the past year.
01:18
They aren't rising as fast as they once were.
01:30
Food prices rose 3 .7 % between september 2022 and 2023.
01:48
So, then let's talk about the price of oil and electricity.
01:55
So, electricity is likely to continue to rise in 2023.
02:30
So, let's talk about what has been affecting these prices.
02:39
Higher fuel prices result in higher costs to generate electricity.
02:53
We have to also take into account higher power plant costs, which is going to be an input to produce electricity.
03:08
We also have to take into account the cost of distributing the electricity.
03:12
Weather conditions can affect demand for electricity.
03:34
Rain and snow provide water for low cost hydropower generation.
03:39
Wind can provide low cost electricity generation.
03:43
But when we have droughts or competing demand for water resources when wind speeds drop, this puts upward pressure on prices.
03:56
Regulations enacted by the government have also affected prices and contributed to rising costs.
04:12
For oil, the price of oil shot up because of the war in ukraine.
04:21
Conflicts in oil producing countries impact oil prices...