Topline
The cost of a dozen eggs has nearly doubled over the past year to $2.94, while a pound of coffee has shot up $1.50, chicken breasts cost an additional $1 per pound, and, for dessert, a half gallon of ice cream climbed about 75 cents, according to new price data released Wednesday from the Bureau of Labor Statistics.
While inflation cooled in July, food prices remained high, according to new data from the Bureau of … [+]
Key Facts
While inflation cooled in July, the food index increased by 1.1%, according to data released Wednesday by the Bureau of Labor Statistics, marking the seventh consecutive monthly rise of .9% or more, and a slight increase from the 1% rise reported last month.
The biggest increase was non-alcoholic beverages, which jumped 2.3% in July, including coffee (3.5%) and dairy (1.7%), while the index for meats, fish and eggs as well as the index for fruits and vegetables each rose .5%.
A pound of ground coffee increased to $6.11 from $4.56 last July, according to the Bureau of Labor Statistics, which found increases across the board, including the price, per pound, of bacon ($7.42, from $6.86), milk ($4.16, from $3.63) and ice cream ($5.62 for a half gallon, from $4.94).
Cereals and bakery products are up 15% from last year, according to the report, which also found dairy is up 14.9% from a year ago while fruits and vegetables rose 9.3%.
The price of ice cream, sports drinks, crackers and breakfast meats all skyrocketed over 50% from July 2021 to July 2022, Information Resources Inc. found in a report released Monday, the biggest jumps in food prices from last year, followed by bottled water (48%), eggs (46.8%) citrus fruit (26.7%), butter and margarine (26.3%), lunch meats (23.6%) and bread (15.4%).
Eggs shot up to $2.94 for a dozen, from $1.64 last July, according to the Bureau of Labor Statistics), while white bread increased to $1.72, from $1.49, and chicken breast rose to $4.61, from $3.5.
Key Background
Americans have been cutting costs at the grocery store over recent months, as inflation hit a 40-year high in June, spiking to 9.1% and affecting everything from food, to energy and shelter, including rent. The Wall Street Journal reported last week that more Americans are turning to discount shops like Dollar General to avoid high prices, in addition to skipping restaurant meals. According to a CNBC/Survey Monkey survey released last week, 77% of small business owners expect inflation to keep rising, while 26% believe two rounds of interest rate hikes by the Federal Reserve will cool inflation. A New York Fed poll released Monday, however, found inflation fears are starting to fall (from an expectation in June of 6.8% inflation over the next year to 6.2% in July).
Tangent
On Wednesday, the Bureau of Labor Statistics released data from the month of July, which found inflation rose 8.5% over the previous 12 months, dropping for the first time since April, and potentially cooling fears of recession.
Further Reading
Egg Prices in US Jump 47% as Food Inflation Soars, IRI Says (Bloomberg)
$15 French Fries and $18 Sandwiches: Inflation Hits New York (New York Times)
Source: https://www.forbes.com/sites/brianbushard/2022/08/10/egg-prices-have-doubled-to-294-a-dozenheres-how-inflation-has-affected-your-favorite-grocery-items/