Gasoline has risen in price by 44%, groceries - by 13,1%: inflation continues to rage in America
Americans are increasingly shocked by price tags when they go to their local grocery stores. Even though inflation eased slightly in July, Americans are still paying significantly more for food. The edition told in more detail Yahoo!.
According to the consumer price index (CPI) for July released by the Bureau of Labor Statistics, the cost of food overall rose 10,9%, with the cost of food rising 13,1%, higher than the year-on-year increase in recent months.
For food, that's the biggest increase since May 1979, but for the food category, it's the highest since March 1979, according to Steve Reed, an economist with the Bureau of Labor Statistics (BLS).
Compared to June 2022, the product category grew by 1,4%.
For 12 months, a large surge was observed in the prices of cereals and bakery products with an increase of 15%, flour and ready-made flour mixtures added 22,7%. This jump was followed by other categories of food products, including dairy products and related products, which rose by 14,9%, in particular, milk rose by 15,6%, but only by 0,1% on a monthly basis.
Meanwhile, the meat, poultry, fish and eggs category, which rose 10,9%, saw slight relief with beef and veal prices down 0,1% and sausages down 6,0% from a month earlier. but this was largely offset by a 38% increase in the price of eggs compared to last year and 4,3% compared to June 2022.
While the increase in the price of eggs is stark for consumers, Reed said the increase in the price of eggs "is not unusual" and is a category that "was always volatile even before the COVID-19 pandemic."
How prices have changed for different categories over the past 12 months:
- Gasoline - 44%
- Airfare – 27,7%
- Electricity - 20,5%
- Transport prices - 16,4%
- Furniture cost - 14,8%
- Food - 13,1%
- New vehicles - 10,4%
- Products for pets - 9,1%
- General inflation - 8,5%
- Food in restaurants / cafes - 7,6%
- Housing - 7,4%
- Used vehicles – 6,6%
- Rent - 6,3%
- Personal care - 6,0%
- Equipment - 5,3%
- Clothing - 5,1%
- Medical care - 4,8%
- Rest - 4,4%
- Alcohol - 4,2%
- School books and supplies - 3,1%
- Prescription drugs - 2,8%
- Toys - 2,8%
- Education - 2,6%
- College fee - 2,4%
- Hotel rooms - 1%
- IT Services – -2,2
- Car rental – -11,9%
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Non-alcoholic beverages also rose 2,0% month-on-month, partly due to higher prices for coffee (+2,7% month-on-month) and carbonated drinks (+2,3%).
Many of these higher prices were due to transportation costs, but there may be some relief soon. In July, energy prices fell 4,5% from June, while gasoline prices fell 7,7%.
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