Today’s Big Story

Snackflation?

Chips and cookies have gotten so expensive that shoppers are actually buying less

It’s not a health decision. And it’s not the effects of all those weight-loss drugs. It’s not personal … it’s business. Americans are cutting back on snacks and packaged non-essential foods because they’re getting too pricey. Experts say it’s a sign that even small indulgences have gotten too expensive for many to afford.

“Consumers are cutting back on non-essentials and stretching the value they get out of every dollar. That’s hitting snacking,” said Chris Costalgi, a vice president at market research firm NIQ, in an interview with CNN. Forty-two percent of consumers say they are buying fewer snacks because of higher prices, according to NIQ’s February survey of 1,000 consumers.

The slowdown is showing up on food giants’ bottom lines. PepsiCo, Campbell and JM Smucker have reported weak sales of their snack brands in earnings announcements in recent weeks. The parent company of Frito-Lay said that people bought 3% fewer snacks last quarter. “Salty and savory snack categories underperformed” the broader packaged food industry, PepsiCo said, citing the “cumulative impacts of inflationary pressures and higher borrowing costs on consumer budgets.”

Slate reports that prices for a 16-ounce bag of chips are up 30.6% since the end of 2020, outpacing the 20.6% increase in the consumer price index. That’s roughly a decade to 15 years worth of price increases in around three years—considering that price increases for potato chips have typically been between 1% - 2% a year. And, just like how I get grumpy when there are no bags of chips in my cabinet, the Americans who are forgoing their salty snacks due to budgetary constraints are pissed off.

Sadly, things likely won’t be changing anytime soon. Per the U.S. Department of Agriculture, the all-items Consumer Price Index (CPI) for food increased 0.6% from December 2024 to January 2025. And food prices, overall, were up 2.5% in January 2025 compared to last year. But climate change is also a factor in driving the high cost of potatoes, for example. As of 2024, Idaho (which produced 32% of America’s taters) and Washington (which produced 24% of the crop) remain the top two potato-producing states in the country. However, warmer weather has been threatening crops in both states. Idaho experienced its third warmest year on record in 2024, while Washington had its 15th warmest year, according to The Cool Down, an online news source covering all things climate and sustainability.

Fed Holds Rates Steady

But the central bank predicts higher inflation, slower growth ahead

The Federal Reserve left interest rates unchanged Wednesday while noting the increased economic uncertainty and slashed growth forecasts, at a time when trade and other policy areas are in extreme flux.

With the economy showing pockets of weakness, the central bank is opting for a cautiously optimistic approach—Federal Reserve chair, Jerome H. Powell, reiterated that the American economy remained on solid footing, and that the Fed was prepared to react if conditions changed. Months ago, policymakers presumed they would spend 2025 gradually cutting rates to keep inflation heading down without a big rise in joblessness to achieve the so-called “soft landing”. The latest projections point to the prospect that tariffs covering a swath of goods and materials will send up prices while sapping investment, sentiment and growth, at least in the short run.

Fed officials acknowledged that economic uncertainty had increased, raising their inflation forecast and lowering projections for growth, but that was enough for stock investors to breathe a sigh of relief. The Fed did announce changes to its balance sheet policy. Beginning in April, it will slow the pace at which it is reducing its roughly $6.8 trillion portfolio of Treasury and mortgage-backed securities. Jason Pride, chief of investment strategy and research at Glenmede, said that the announcement most likely pushed stocks higher, easing concerns about the risks tied to bank reserves. The result? The S&P 500 rose 1.1%, recouping its losses from Tuesday.

CDC Issues Warning for Dengue Fever

U.S. travelers warned of uncontrollable nose bleeds as deadly virus spreads in spring break hotspots

Dengue fever cases have been rising among American travelers and are expected to climb this year, according to a warning from the Centers for Disease Control and Prevention. In an emergency notice, the CDC raised the alarm over the virus—saying the U.S. and Americas region is seeing high transmission, with nearly 1,000 cases reported across 21 states already this year.

Dengue fever—which is carried by mosquitoes—can cause fever, headaches, rashes, and pain throughout the body. Although it can be very painful, it's usually not fatal. However, there's no specific medicine for dengue fever, with treatment instead relying on keeping patients hydrated and relieving pain.

And just as the spring travel season kicks off, popular destinations like the U.S. Virgin Islands, Puerto Rico and Mexico, are experiencing high transmission of the illness, with Mexico recording 20,000 cases already this year. Dengue is more easily spread during the warmer months, placing spring and summer travelers at an increased risk of contracting the disease. Cases of the virus have increased during the past five years, particularly in the Americas, according to the World Health Organization.

Finland Is the Happiest Nation (Again)

And the U.S. falls to its lowest-ever position

It’s a good day to be a Finn—again. For the eighth consecutive year, Finland ranks number one on the annual World Happiness Report. The report, published on the UN’s International Day of Happiness, is based on analysis of how the residents of over 140 countries rate their quality of life.

The survey asks each participant to score their life as a whole and rankings are based on those life evaluations. The report then looks at six key variables to help explain life evaluations: GDP per capita, social support, healthy life expectancy, freedom, generosity and perceptions of corruption. With 10 meaning someone is currently living the best possible life they can imagine, Finns came in first with an average score of 7.74. The Nordic nation was followed by some of its neighbors—Denmark, Iceland, Sweden and the Netherlands.

Researchers say that beyond health and wealth, some factors that influence happiness sound deceptively simple: sharing meals with others, having somebody to count on for social support, and household size. While European countries dominate the top 20 in the ranking, there were some exceptions. Despite the war with Hamas, Israel came in at 8th. Costa Rica and Mexico entered the top 10 for the first time, ranking at 6th and 10th respectively.

When it comes to decreasing happiness—or growing unhappiness—the United States has dropped to its lowest-ever position at 24, having previously peaked at 11th place in 2012. The report states that the number of people dining alone in the United States has increased 53% over the past two decades.

Lighten Up Your Spring Wardrobe

The Tie Bar is stocked with fresh ways to update your closet for less

Be willing.