Author Topic: ‘We have yet to see a peak in food inflation’: Food price increase is highest increase since 1979, a  (Read 680 times)

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Online libertybele

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‘We have yet to see a peak in food inflation’: Food price increase is highest increase since 1979, and this staple is up nearly 40% on last year

Food prices continued to rise in August, putting pressure on lower- and middle-income households in particular.

Food to prepare at home rose by 13.5% in the month compared to last year, the highest rate of growth since March 1979, government data show. The rise in the cost of living was 8.3% year-over-year in August. Food, in total, was 11.4% more expensive than last year, the biggest annual increase since May 1979.

What’s more, the cost of dining out was up 8% year-over-year.

Eggs saw the highest price increase among goods in grocery stores. They were 39.8% more expensive in August than a year ago. Supply drops, and not just strong demand, added to the price increase. Avian influenza wiped out around 10% of egg production across the country earlier this year, an egg producer previously told MarketWatch.

The flu also impacted poultry production. The price for chicken rose 16.6% year-over-year in August. In addition to extreme heat and tight supplies, people have turned to chicken instead of typically higher-priced beef, according to Brian Earnest, lead economist for animal protein at CoBank, a national cooperative bank serving industries across rural America.

Dairy and processed food prices also spiked. Margarine was up 38.3% in August year-over-year and butter was 24.6% higher, mainly due to the cost of raw materials such as soybean oil and cream. Flour and prepared flour mixes were 23.3% more expensive than a year ago. Crackers were up 17.7% on the year and frozen bakery products, such as pies and tarts, were up 18.1%.

Despite price declines for beef and pork, processed meat such as hot dogs and lunch meats continued to see a price increase in August. Frankfurter prices were up 18.3% in August year-over-year, whereas lunch meat prices rose 18.2%. This is partly due to an industry-wide labor shortage for workers, Earnest said, which means the higher wages needed to attract workers are being passed along to consumers.................

https://www.marketwatch.com/story/we-have-yet-to-see-a-peak-in-food-inflation-food-prices-see-highest-increase-since-1979-with-one-item-up-nearly-40-on-last-year-11663097731?mod=home-page

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Offline DefiantMassRINO

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Where's the "reduction" in the "Inflation Reduction Act"?
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Online GtHawk

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Where's the "reduction" in the "Inflation Reduction Act"?
Our bank accounts?

Offline LMAO

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Where's the "reduction" in the "Inflation Reduction Act"?

Our waistlines due to food costs?
« Last Edit: September 14, 2022, 04:29:47 pm by LMAO »
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Online libertybele

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Our bank accounts?

People are definitely feeling the pinch in their wallets and it's not going to get better anytime soon.

The GOP may win the House and perhaps even the Senate, but with no end in sight for soaring inflation, the GOP will eventually be blamed for the recession.
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Offline catfish1957

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$19.95/lb. for a "T" Bone?

And its not even cooked? **nononono*
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Online libertybele

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$19.95/lb. for a "T" Bone?

And its not even cooked? **nononono*

Farmer Joe's has T-bone steaks on sale this week for $14.99/lb and no they aren't cooked.  **nononono*
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Offline catfish1957

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Farmer Joe's has T-bone steaks on sale this week for $14.99/lb and no they aren't cooked.  **nononono*

That's a good price.  I'd stock up..
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Online libertybele

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That's a good price.  I'd stock up..

A darn bargain. 
I Believe in the United States of America as a Government of the people, by the people, for the people; whose just powers are derived from the consent of the governed; a democracy in a republic; a sovereign nation of many sovereign states; a perfect union one and inseparable; established upon those principles of freedom, equality, justice and humanity for which American patriots sacrificed their lives and fortunes.  I therefore believe it is my duty to my country to love it; to support its Constitution; to obey its laws to respect its flag; and to defend it against all enemies.