Food Prices Up Under Biden Admin: Fastest Rate Since 1970s

“The food index increased 10.9 percent over the last year, the largest 12-month increase since the period ending May 1979”: Bureau of Labor Statistics.

QUICK FACTS:
  • The U.S. Bureau of Labor Statistics (BLS) reported Wednesday that food prices have continued to rise at historic levels, faster than America has seen in over four decades.
  • “The food index increased 10.9 percent over the last year, the largest 12-month increase since the period ending May 1979,” the bureau said.
  • The price of grocery store items has risen even faster: “The food at home index rose 13.1 percent over the last 12 months, the largest 12-month increase since the period ending March 1979,” BLS noted. “The index for other food at home rose 15.8 percent and the index for cereals and bakery products increased 15.0 percent over the year. The remaining major grocery store food groups posted increases ranging from 9.3 percent (fruits and vegetables) to 14.9 percent (dairy and related products).”
  • Consumer prices overall have risen 8.5% in the last 12 months: “The index for all items less food and energy rose 0.3 percent in July, a smaller increase than in April, May, or June. The indexes for shelter, medical care, motor vehicle insurance, household furnishings and operations, new vehicles, and recreation were among those that increased over the month. There were some indexes that declined in July, including those for airline fares, used cars and trucks, communication, and apparel,” said BLS.
OTHER PRICES UP:

“The index for motor vehicle insurance continued to increase, rising 1.3 percent in July after increasing 1.9 percent in June,” according to BLS. “The index for household furnishings and operations rose 0.6 percent after increasing 0.4 percent in June. The new vehicles index also increased 0.6 percent in July, and the recreation index rose 0.3 percent over the month. Other indexes that increased in July include personal care (+0.4 percent), alcoholic beverages (+0.5 percent), tobacco (+0.3 percent), and education (+0.1 percent).”

BACKGROUND:
  • Gas prices have dropped over the last two months to $4 per gallon of regular gas. That’s after hitting a record national average of $5 per gallon in June.
  • “The gasoline index fell 7.7 percent in July and offset increases in the food and shelter indexes, resulting in the all items index being unchanged over the month,” BLS reports. “The energy index fell 4.6 percent over the month as the indexes for gasoline and natural gas declined, but the index for electricity increased. The food index continued to rise, increasing 1.1 percent over the month as the food at home index rose 1.3 percent.”

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