Are groceries more expensive than last year?
Grocery prices in the U.S. rose 1.3% from September 2023 to September 2024, with eggs up 85%. The USDA forecasts a further 1.2% increase in 2024.
Read original article
Grocery store food prices in the U.S. increased by 1.3% from September 2023 to September 2024, which is lower than the 2.4% increase for other commodities and below the Federal Reserve's 2% inflation target. Notably, the cost of a dozen eggs surged by 85%, rising from $2.06 to $3.82. Other staples that saw significant price increases include beef (11%), tomatoes (5%), chicken (4.1%), whole milk (1.4%), and bread (0.2%). Conversely, prices for bananas, cheese, and potatoes decreased, with potatoes dropping by 3.6%. Factors contributing to high grocery prices include supply chain challenges, inflation, increased labor and transportation costs, animal diseases, and extreme weather events. The USDA anticipates a further increase of 1.2% in grocery prices for 2024. Grocery prices have been on the rise for several years, with an 11% increase recorded from 2021 to 2022, marking the largest annual increase in 40 years. The most significant year-over-year increase occurred in August 2022, with prices 13.5% higher than the previous year.
- Grocery prices rose 1.3% from September 2023 to September 2024.
- The cost of a dozen eggs increased by 85%, while beef prices rose by 11%.
- Prices for bananas, cheese, and potatoes decreased over the same period.
- Factors influencing grocery prices include supply chain issues, inflation, and extreme weather.
- The USDA projects a 1.2% increase in grocery prices for 2024.
Related
Inflation's Wild Ride
Inflation fluctuated significantly since the pandemic, starting with low rates in 2019, a surge in 2021 due to Biden's stimulus, peaking at 9.1% in 2022, and showing signs of cooling in mid-2023. Policymakers are monitoring for further changes.
39% of Americans worry they can't pay the bills
A CNN poll shows 39% of Americans worry about paying bills, up from 28% in December 2021, with significant concerns among minorities and low-income earners, despite low unemployment and easing inflation.
Food is more expensive – are US corporate profits to blame?
U.S. food corporations raised prices significantly, resulting in a median profit increase of 51%. Executives acknowledged exploiting inflation, while food prices outpace wage gains, impacting low-income individuals and raising food insecurity concerns.
During Antitrust Trial, Exec Admits Kroger Jacked Up Milk and Egg Prices
Kroger's executive admitted to raising milk and egg prices above inflation during an antitrust trial, as the FTC challenges its acquisition of Albertsons, citing reduced competition and potential consumer harm.
Why fast-food price increases have surpassed overall inflation
Fast-food prices rose nearly 28% from 2019 to 2023, outpacing the 19% overall CPI increase, driven by rising labor costs, particularly in high minimum wage states, affecting financial results of major chains.
5 commentsRelated
Inflation's Wild Ride
Inflation fluctuated significantly since the pandemic, starting with low rates in 2019, a surge in 2021 due to Biden's stimulus, peaking at 9.1% in 2022, and showing signs of cooling in mid-2023. Policymakers are monitoring for further changes.
39% of Americans worry they can't pay the bills
A CNN poll shows 39% of Americans worry about paying bills, up from 28% in December 2021, with significant concerns among minorities and low-income earners, despite low unemployment and easing inflation.
Food is more expensive – are US corporate profits to blame?
U.S. food corporations raised prices significantly, resulting in a median profit increase of 51%. Executives acknowledged exploiting inflation, while food prices outpace wage gains, impacting low-income individuals and raising food insecurity concerns.
During Antitrust Trial, Exec Admits Kroger Jacked Up Milk and Egg Prices
Kroger's executive admitted to raising milk and egg prices above inflation during an antitrust trial, as the FTC challenges its acquisition of Albertsons, citing reduced competition and potential consumer harm.
Why fast-food price increases have surpassed overall inflation
Fast-food prices rose nearly 28% from 2019 to 2023, outpacing the 19% overall CPI increase, driven by rising labor costs, particularly in high minimum wage states, affecting financial results of major chains.