There has been some wallet relief for parents over the past few weeks following record high inflation rates and gas prices. Now gas prices are continuing to trend down, and some rental prices are heading in that direction too. However, inflation rates and supply-demand chains still pressure American families when it comes to groceries. Specifically, five grocery staples have ridiculously high year-over-year prices right now. Here's what you need to know.
According to The Hill, the latest data from the Labor Department shows that inflation is still a considerable concern. "Apart from declining prices at the gas pumps, consumer prices for everything from food and rent to furniture, medical care, and new cars got pricier last month," the publication notes.
However, a few grocery staples have spiked in price when looking at the year-over-year data. The statistics show that the food at home index rose 13.5% over the past year, the most significant jump since 1979.
Items listed in the Consumer Price Index saw prices rise above 15% compared to last year. This includes soups (18.5%), cereals (17.4%), milk (17%), and chicken (16.6%). However, according to the Labor Department, there are five grocery staples where food has risen to close to 40% year-over-year.
Grocery staples with the highest price increase:
- Eggs 39.8%
- Margarine: 38.3%
- Butter: 24.6%
- Flour/prepared flour mixes: 23.3%
- Olives, pickles, relish: 19.4%
The data shows that eggs rose 3% in cost this year between July and August alone, an inflation trend that's been holding strong since springtime. The super high inflation for eggs is said to be a result of high feed costs, supply chain issues, and an outbreak of the bird flu.
Some foods have dropped in price in the past few weeks, The Hill notes. Prices for uncooked beef steaks and some fresh produce like apples, citrus, and bananas have been down since last month.