If you shop for anything now a days.....
Today’s post is by Troy Lowe; Vice President of Development at SafeSourcing.
If you shop for anything now a days, you have probably noticed that there are shortages on many things that we purchase from food to auto parts. All of the shortages are causing problems for everyone whether they are personal, or business related. The newest shortage that caught my attention and is very concerning is the shortage of baby formula. The White House press secretary Jen Psaki said earlier this week that the US Food and Drug Administration is “working around the clock” to address the baby formula shortage and the manufacturers are saying that they are producing the formula at full capacity and making as much formula as they can. But besides all of the efforts it is still not enough to meet the current demand. It seems that stores nationwide have been struggling for months to keep the formula in stock and a recent recall has made the shortage even worse. It is getting to the point now that several major retailers are trying to preserve inventory and are limiting the amount of baby formula the customers can purchase. According to researchers, the out-of-stock rate for baby formula was between 2 to 8% in the first half of 2021 and now has risen to around 40% and in some states the number has risen over 50%. Some parents have been forced to find the formula online from resellers and are seeing prices as high as $120 for a single can. Some good news is that experts are saying that the shortage should only last another 6 to 8 weeks. Hopefully, that is the case for all the concerned parents.
Interested in learning how SafeSourcing can help your company save money during these and other shortages? If you would like more information on how SafeSourcing can help you, please contact a SafeSourcing Customer Service representative. We have an entire team ready to assist you today.