Groceries
Shoppers will feel a one-two punch at the grocery store.
"Rising oil prices will directly affect food prices as commodity prices grow across the board," Molavi says. "Grocers are particularly going to feel the pinch and will have to grapple with either passing those costs along to consumers or reducing profit margins to get consumers in the door. Since food is a necessary expense, grocers are likely to pass on some of the cost. A 1% rise in food prices would reduce the supermarkets and grocery stores industry profit to about 1.5%."
Senior care
Seniors already trying to make ends meet on fixed income may find rising oil prices straining their budgets even more.
Although warmer weather is -- hopefully -- just a few months away, there may still be a tank or two of heating oil they need to pay for at a higher than expected rate.
For seniors who rely on a local Meals On Wheels program, those providers are already seeing their resources stretched thin.
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