With inflation rates hovering near 40-year highs, Americans are feeling squeezed.
August’s inflation levels were up 8.3% from a year ago. Meanwhile, the inflation-adjusted median U.S. household income was essentially unchanged from 2020 to 2021.
Consumers are paying 11% more for overall food items than they did a year ago, according to the monthly Consumer Price Index report, released Sept. 13.
But the prices of many staples rose much higher than that, particularly for items that used to be cheaper options for families looking to save.
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A sample of price increases from August 2021 to August 2022:
- Dairy and related products: 16.2%
- Cereals and bakery: 16.4%%.
- Eggs: 39.8%.
- Flour: 23.3%.
- Butter and margarine: 29.3%.
And it will probably get worse before it gets better, the report said. Americans can expect to continue paying more for almost all food items, according to the USDA’s Food Prices Outlook for 2022, whether you cook meals at home, dine out or buy food elsewhere.