How much did food prices rise in the US in a year: comparison

Grocery prices continue to rise.According to a recent forecast by the USDA, prices will increase by 2022-3% by the end of 4, reports CNBC.

Photo: Shutterstock

This is in addition to the inflated prices you've probably already noticed: According to the latest CPI data, food prices were 7,9% higher year-over-year as of February 2022.

What's less clear is which items have become the most expensive, with year-on-year inflation rates ranging from 1,1% to almost 15% depending on the product.

The cost of meat, poultry, fish and eggs has increased by 13% since February 2021. Fresh fruits have risen in price by 10,6% during this time, while prices for vegetables have remained much more stable, having increased by only 4,3%. Prices for packaged cereals and bakery products increased by 7,7%.

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Here's how much the cost of some products increased between February 2021 and February 2022.

Used data from price comparison app Basket to determine the average US price of each product in February 2022, and then used the most recent inflation data to estimate prices for those products in February 2021:

• Bag of oranges, 3 pounds, price in February 2021 - $4,70, in February 2022 - $5,48. The price difference is $0,78. Increase in price by 14,3%.
• Ground beef, 2 pounds, February 2021 price: $10,21, February 2022 price: $11,82. The price difference is $1,61. Increase in price by 13,6%.
• Land O'Lakes Margarine, 15 oz. February 2021 price: $2,81, February 2022 price: $3,17. The price difference is $0,36. Increase in price by 11,4%
  11,4%
• Eggland's Grade A eggs, pack of 12, price in February 2021 - $2,92, in February 2022 - $3,29. The price difference is $0,38. Increase in price by 11,4%.
• Milk, 2 gallons, price in February 2021 - $3,74, in February 2022 - $4,21. The price difference is $0,47. Increase in price by 11,2%.
• Entenmann's Classic Rich Frosted Donuts 16 oz, February 2021 price - $4,63, February 2022 price - $5,21. The price difference is $0,58. Increase in price by 11,2%.
• Hungry-Man Boneless Fried Chicken 16 oz, February 2021 price: $3,55, February 2022 price: $3,99. The price difference is $0,44. Increase in price by 11,1%.
• Starbucks Ground Coffee, 12 oz, February 2021 price: $8,87, February 2022 price: $9,91. The price difference is $1,04. Increase in price by 10,5%.
• Campbell soup, 8 cans, price in February 2021 - $10,66, in February 2022 - $11,84. Price difference - $1,18. Increase in price by 10,0%.
• Chips Ahoy! Cookies, price in February 2021 - $3,65, in February 2022 - $3,99. The price difference is $0,34. Increase in price by 8,5%
• Two heads of lettuce, price in February 2021 - $2,29, in February 2022 - $4,97. Price difference - $$0,39 Increase in price by 7,9%.
• Golden Delicious Apples, 3 pounds, February 2021 price: $$3,62, February 2022 price: $3,93. The price difference is $$0,31. Price increase of 7,8%.
• Corn Flakes, 18 oz, February 2021 price: $4,50, February 2022 price: $4,87. The price difference is $0,37. Increase in price by 7,5%.
• Spam, Classic Canned Ham, 12 oz., Feb 2021 $3,73, Feb 2022 $4,02. The price difference is $0,29. Increase in price by 7,1%.
• Extra Refreshers Spearmint chewing gum, price in February 2021 - $3,70, in February 2022 - $3,98. The difference in price is $0,28. The price has increased by 7,1%.
• Wonder bread, white price, in February 2021 - $2,94, in February 2022 - $3,14. The price difference is $$0,20. Price increase by 6,5%.
• Soda, 2 packs of 12 pieces, price in February 2021 - $12,81, in February 2022 - $13,54. The price difference is $0,73. Increase in price by 5,4%.
• Haagen-Dazs, vanilla, 14 oz, February 2021 price: $4,56, February 2022 price: $4,72. The price difference is $0,16. Price increase of 3,3%.
• Russet Potatoes, 5 lb bag, February 2021 price: $3,07, February 2022: $3,16. The price difference is $0,09. Increase in price by 3,0%

The inflation rate for each commodity varies depending on how the pandemic has affected supply chains, as well as consumer demand, weather events and labor shortages.

For example, bacon has risen in price by 17% compared to last year. This is due to the shutdown of meatpacking plants due to the pandemic, a shortage of workers and a change in consumer demand as people eat more pork because they cook more food at home, according to Farm Journal.

Key takeaway: While individual inflation rates may vary, the overall cost of products has risen.

How to save on groceries despite higher prices

Unfortunately, with rising inflation on the horizon, it will be difficult to avoid rising food prices this year. But you can try to reduce some of the costs. Here are some tips.

1. Use the right credit card

Use a credit card that offers good cash back or rewards for buying groceries. Some cards offer 6% cashback, which can help fight overpricing.

But make sure you can pay off the balance in full every month to avoid accruing interest.

2. Try the money back app

Apps like CouponCabin.com, Ibotta, Fetch Rewards, and Checkout 51 offer coupons or cashback on purchases at your favorite stores.

Ibotta, for example, says its users save $10 to $20 a month on average. However, the amount you actually save will depend on your shopping habits and your willingness to look for great deals.

3. Buy in bulk

Bulk items sold at places like Costco or Sam's Club can offer more savings than regular-sized items because they cost less per serving. But to get the most out of them, it's important to plan ahead so you can use everything before the expiration date.

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The good news is that planning ahead also gives you more control over how much each meal costs and helps you avoid waste. In addition, most meats, breads and cheeses can be stored in the freezer for up to three months.

4. Replace Expensive Products

Consider changing foods in your diet. For example, if you feel that the prices of beef and pork have risen by about 15% this year, you can replace them with something cheaper, such as ham, which has only risen in price by 7,1% compared to last year.

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