Inflation is at its highest level in 41 years as food and fuel prices continue to rise during the pandemic and war in Ukraine.
In particular, food has been hit by inflation, rising 8.6% in the past 12 months. This is the highest annual gain since April 1981, according to the US monthly consumer price index (CPI) released Thursday.
A report from the Bureau of Labor Statistics showed that gas prices were a big contributor to the rise. But food prices also rose, rising 1.4% in February. According to the consumer price index, inflation rose by almost 9% over the year.
So what are the most expensive products right now? Keep reading to learn more about what is putting pressure on consumer wallets. And for more of the latest grocery store news, check out 6 Things You’ll See at Costco This Year.
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Bringing home bacon has become much more expensive.
In February alone, the price of bacon rose by 0.8%, but in 12 months the price has risen by almost 19%. If you go to the grocery store today, you’ll have to shell out about $7 a pound for bacon.
Provided by Diethood
Roast beef rose by 1.6% in February6254a4d1642c605c54bf1cab17d50f1e
Price growth in 12 months was a whopping 18.6%. The average beef roast now costs over $6 a pound.
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Ukraine is one of the world’s largest exporters of grain, vegetable oils and sunflower oil. In the midst of a war, market experts are concerned about global disruptions in food supplies.
In the week before the Russian invasion of Ukraine, wheat prices rose by 55%. Ports in Ukraine that ship wheat and other staples around the world to produce bread, noodles and animal feed are closing as millions flee or stay to fight in the war. The cost of cereals and baked goods is at an all-time high: over the past 12 months, prices have increased by 7.8%.
On the subject: The most unhealthy cereals on the planet
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According to the consumer price index, eggs have become 11.2% more expensive than a year ago. The average cost of a dozen eggs in the US is about $2.05.
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A year ago, you paid 11.2% less for frozen fish and seafood. Since last month, the cost of this product has increased by 2.4%. The price increase is due to logistical issues, strong consumer demand, labor shortages and supply issues, Samuels & Son Seafood CEO Sam D’Angelo told SeafoodSource.
For more information on inflation and how it affects your wallet, check out how these recent price spikes can cause grocery store shortages.
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