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Inflation hits Americans' grocery bills as food prices accelerate
Food prices surged 13.1% in July, highest since 1979
By Megan Henney FOXBusiness
Inflation is crushing the grocery budgets of Americans across the U.S., with food prices accelerating to a new four-decade high in July.
Although the consumer price index, which measures a basket of everyday goods including food, rent and gasoline, came in cooler than expected at 8.5% in July, food prices accelerated further, the Labor Department reported on Wednesday. The food at home category, which tracks the cost of groceries, surged 13.1% over the last year, the most significant increase since March 1979. On a monthly basis, prices jumped 1.4%.
"Consumers are getting a break at the gas pump, but not at the grocery store," said Greg McBride, chief financial analyst at Bankrate.com. "Food prices, and especially costs for food at home, continue to soar, rising at the fastest pace in more than 43 years."
Americans are paying more at the grocery store for a number of items that have climbed considerably in price over the past year. That includes staples like eggs (38%), chicken (16.6%), milk (15.6%), potatoes (13.3%), rice (12.7%) and fresh fruits and vegetables (8.2%).
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https://www.foxbusiness.com/economy/inflation-hits-americans-grocery-bills-food-prices-accelerate
