In the News
Price Mechanism in Action - Californian Drought Raises Grocery Prices
11th October 2022
A short video here from Reuters which offers a neat applied example of supply and demand in action. I might use it when discussing price volatility.
California drought is driving up retail grocery prices in the state, and in the wider US market too, particularly for those crops grown in the so-called US Salad Bowl. The most recent drought in California began in 2020.
This is covered in more detail in this article from the Guardian
Californian drought extends to three years with no end in sight
Geoff Riley
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.
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