As high costs persist longer than many had hoped, brewers are forced to make the inevitable decision: Raising prices on their beer.
Up until this point, brewers have largely absorbed the ballooning expenses for their ingredients, including barley, aluminum cans, paperboard and trucking.
The prices for many of the essential elements of beer making and selling have surged in the past two years as a global supply chain struggles to untangle itself from the late-pandemic buying frenzy. Many brewers cite trucking and labor costs — and the increased time it takes to get supplies and ingredients — as their biggest increases.
The price increases on beer, wine and liquor have only just begun, said Scott Scanlon, a beverage expert and vice president at Chicago-based market research firm IRI. "It's that affordable indulgence," he said."This is the product that people are not going to want to give up." Steaks CNBC reported that beef and veal prices have risen by 20.1% during the past year. It suggested the pandemic caused a major slowdown in beef production that extends to all types of meat, including seafood and pork.
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