Inflation may be slowing down a bit, but food prices are adding fuel to the fire.
Food prices in April 2022 were 9.4% higher than in April 2021, the biggest annual increase in 41 years, the US Bureau of Labor Statistics said on May 11. Grocery prices have risen 10.8 per cent this year. Prices do not reflect seasonal fluctuations.
Individual projects also face unique challenges. Avocado prices rose after the United States suspended imports of avocados from the western Mexican state of Michoacan in February. A few months later, Greg Abbott of Texas Gov. slowed cross-border movement by requiring a week-long “advanced security check” of commercial vehicles entering Texas.
And, in particular, a deadly and highly contagious bird flu has hit the U.S.eggIncrease in supply and prices. The egg industry was badly hit in April, with prices rising 10.3 per cent on a seasonally adjusted basis. If not adjusted, egg prices increased by 22.6% in the 12 months of April.
And these are not the products whose prices have seen a big hike this year.
Meat and dairy have become more expensive. Bacon prices increased by 17.7% and chicken prices by 16.4%. Cream and margarine together rose 19.2%,milkPrices increased by 14.7% and fresh whole milk by 15.5%.
Flour prices up by 14 percent,coffeeUp 13.5%. Fruits and vegetables also became more expensive, with citrus prices up 18.6 percent and lettuce prices up 12.7 percent. Canned fruits and vegetables were also not immune: up 10.4%.
In restaurants, menu prices increased 7.2% for the year as operators raised prices to offset costs.
While grocery aisles and delivery apps on your phone may sound gloomy, there is some good news on the inflation front.
Prices still rose generally in April, but at a slower pace than in previous months. In the 12 months to April, the consumer price index (CPI) rose 8.3%, slightly above economists’ expectations but slightly below March’s 8.5% reading, the highest since December 1981.
Breakfast was particularly disappointing in the growing number of items. There is nothing but a 22.6% jump in egg prices in April, while other products have become more expensive.
Margarine was 7.1% more expensive, and cream was up 3.7%. Milk rose 3.1%. Instant coffee prices rose by 3.7 per cent and roasted coffee by 2.6 per cent. Bacon is 2.5% more expensive. Breakfast cereals rose 2.4%. Even hash browns are up because potatoes are 2% more expensive.
But some things got cheaper.
Raw steak was down 2.1% and ham was down 1.8%. And prices fell 2.5 percent thanks to a steady supply of fish and seafood on shelves, such as canned tuna.
eggs coffee milk
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