Why a can of Campbell's soup costs so much more now

Transcript

Check this out, the price of a Campbell Soup can was 10 cents for the longest time, but then something strange happened. In the last few years, it has skyrocketed over 120 per can. And this recipe has not changed for over 100 years, same ingredients, same volume. So what's going on? Is this corporate greed or is this something else? Here's what I found, look how the price has gone up since the 1970s. Something happened in 1971 that you should know about. That's when President Nixon ended the gold standard, meaning the US dollar was no longer backed by gold. This devalue the dollar and has led to higher prices for everything, including Campbell Soup. This might be the single best measure of food inflation over time. Check out the spikes in 2008 and 2020. But here's the kicker with better machines and farming techniques, making soup is far cheaper than it was 100 years ago. The price should have actually dropped from 10 cents to like 6 or 7 cents a can with better technology. Instead, because of inflation, the price of a Campbell Soup can is over 12 times more today. Comment money if you want to see my full breakdown of how 1971 changed everything.

Transcribed automatically from the video, so small errors are possible.