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Food prices rise at fastest rate since 1979. Here are the grocery items impacted most

·3 min read

Grocery prices kept climbing in July.

Food prices grew 10.9% since last July, according to the latest data from the Bureau of Labor Statistics. That’s the fastest 12-month rate since 1979, and it outpaces the overall inflation rate of 8.5% seen over the past 12 months.

When seasonally adjusted, prices saw a 1.1% increase between June and July.

Groceries specifically rose 13.1% during the past year, and they jumped 1.3% in July alone, the July Consumer Price Index data shows.

Here are the groceries that have seen the biggest price jumps over the last 12 months.

Cereals and bakery products

Over the last 12-months, items in the cereal and bakery category saw a 15% cost increase.

The goods that saw the biggest price hikes during the past year are:

  • Flour and prepared flour mixes, which got 22.7% more expensive.

  • Crackers, which got 16.8% more expensive.

  • Breakfast cereals, which got 16.4% more expensive.

Other foods that were on the higher end of price increases were cakes, cupcakes, cookies, frozen and refrigerated bakery products, and non-white bread, all of which saw an increase of 14% or more.

Pantry staples

Many cooking basics saw major price jumps during the last 12 months.

Butter is 22.2% more expensive than last July, while margarine prices hiked 32.3%. Other fats and oils climbed 19.4%, and peanut butter alone got 13.1% more expensive.

Spices and seasoning are 13.3% more expensive than last year. Condiments are 11.3% pricier, and sauces and gravies ended the year 16.1% more expensive.

Food prices rose at the fastest rate since 1979 during July 2022.
Food prices rose at the fastest rate since 1979 during July 2022.

Drinks

Nonalcoholic beverages saw a steep increase over the last year, jumping 13.8%.

The drinks that saw the biggest price increases are:

  • Coffee, which is 20.3% more expensive than last July.

  • Carbonated drinks, which grew 12.9% since last year.

  • Non-frozen, non-carbonated juices and drinks, which climbed 12.9%.

Eggs and dairy

Eggs are 38% more expensive compared to last July. During last month alone, egg prices climbed 4.3%.

Dairy products are also on the rise, jumping 14.9% over the last 12 months. Milk prices rose 15.6%, while cheese increased 12.6% and ice cream saw an 11.3% jump.

Other dairy products, including products like yogurt, whipped cream and coffee creamer, saw the biggest increase in the dairy category, with prices rising 18.9% over the last year.

Meats

The overall meat category has jumped 10.9% since last July.

Bacon and breakfast sausages saw a big price hike. Bacon got 9.2% more expensive while breakfast sausages grew 15.7%.

Lunchmeats also saw a hefty rise, climbing 18% since last summer.

Poultry is 16.6% more expensive than it was at this time last year, which includes increases in prices for fresh and frozen chicken and other uncooked poultry, like turkey.

The hike in meat prices comes following reports of a higher demand for protein.

Tyson Foods CEO Donnie King said the company has seen ”strength” in its chicken segment and other kinds of meats, including bacon and breakfast sausage, during a recent earnings call, Fox Business reported.

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