Food prices up 11.4% in last year; biggest annual jump since 1979
(ABC 6 News) – Food prices continued to rise throughout August 2022, according to new data released by the United States Bureau of Labor Statistics.
Food prices soared 11.4% over the past year, (from August 2021 to August 2022) the largest annual increase since May 1979.
Food to prepare at home rose by 13.5%, while dining out was up 8% year-over-year.
Eggs saw the largest increase among grocery store foods, up 39.8% over the last year. Flour (23.3%), milk (17%), and bread (16.2%) also saw increases.
Meat and poultry has also become more expensive. Chicken (16.6%), meat (6.7%) and pork (6.8%) all increased.
Prices for fruits and vegetables together increased 9.4%
The Russia-Ukraine war which has affected the cost of wheat and other commodities, natural disasters like crop-killing droughts, and avian flu which has constrained the supply of eggs and turkeys are among some of the factors contributing to higher prices.
Also, decreases in ingredient prices take time to funnel down to consumers meaning that relief from the increasing grocery prices could lag declines in other areas.
To learn more about the latest Consumer Price Index summary from the U.S. Bureau of Labor Statistics, CLICK HERE.