Over the last 12 months, grocery prices soared 13.1% — the largest annual increase since the year ending in March 1979.
Over the last 12 months, grocery prices soared 13.1% — the largest annual increase since the year ending in March 1979, the Bureau of Labor Statistics said Wednesday. The prices of nearly every grocery item have ballooned over the past year. The cost of eggs has soared 38%, and prices for other goods have also jumped: Flour is up 22.7%, chicken 17.6%, milk 15.6%, ground beef 9.7% and bacon 9.2%. Fruits and vegetables got 9.3% more expensive. Grocery items are still going up.
Price hikes took a breather in July, fueling hopes that inflation has peaked"The consumer has been a little more strapped, so there's a few more meals prepared at home," Penegor said."Inflation has been high, so net disposable income has been a little bit pinched." Restaurants have also been raising prices, but at a slower clip: In the 12-month period through July, menu prices rose 7.6%, less than overall inflation.
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