Food Inflation soars in August!

Food prices continued their relentless climb in August!

According to the Labor Department, with groceries up 0.7% over the prior month and food at dining establishments up 0.9%.

Over the past year, groceries are outpacing overall inflation, rising 13.5%,the fastest pace since March 1979.

Tweet on overall food inflation, Statista chart

Food Inflation soars!
Food prices continued their relentless climb in August, according to the Labor Department, w/groceries up 0.7% over the prior month and food at dining establishments up 0.9%.

Over the past year, groceries are outpacing overall inflation, over 13% pic.twitter.com/wP1kHwIXKK

— The_Journalbiz (@the_journalbiz) September 13, 2022

The price of food at the grocery store is expected to increase by up to 11 percent this year

With the cost of beef, poultry, milk, eggs and fruit driving the main surge.

Prices could shoot even higher with droughts affecting crops

The government’s latest Consumer Price Index report released Tuesday shows overall food prices continued to rise, by 0.8 percent in August.

That’s slightly down from the month before, but food prices were up 11.4 percent for the year, the largest yearly increase since 1979. Overall, the inflation measure remained high, rising by 0.1 percent in August

• Over the past year, groceries are outpacing overall inflation, rising 13.5%,the fastest pace since 1979.

Cereals and bakery products are up 16.4% over the past year, in part due to disruptions in grain markets caused by the war in Ukraine.

Dairy product prices were also highly elevated, up 16.2% over the past year.

Food away from home rose 8% over the past year.

@thejournalbiz

Source:Labor Department/Statista

Image: food inflation