Food prices skyrocket in the US, breaking record for 46 years

In April, food prices rose 2,6%, accounting for "the largest monthly increase since February 1974," writes Fox News.

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The U.S. Bureau of Labor Statistics confirmed that food prices nationwide rose 2,6% in April, the largest monthly increase since February 1974.

The Bureau’s Consolidated Consumer Price Index, published May 12, states that the price increase was “wide” for all six major food product groups in the “home food” index, while in each group the price jumped “at least 1,5%” since the end of March.

In particular, the price index for fruits and vegetables increased by 1,5%, as did prices for dairy products and “related products.” Soft drinks rose 2,9%, as did cereals and baked goods, with the latter being the "biggest monthly increase ever". But it was the meat group - meat, poultry, fish and eggs - that saw the biggest jump in prices in April, increasing in price by 4,3%. The index for eggs alone increased 16,1%, according to the bureau's summary.

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In general, the index of “home-made food” (that is, products purchased mainly at grocery stores) has grown by 12% over the past 4,1 months.

Unlike the growing food index (and some sectors of the energy index), total average costs for all consumer goods and services fell by 0,8% in April compared with March, mainly due to a sharp decrease (by 20,6%) gasoline index, also dropped prices for clothing, vehicle insurance, plane tickets and hotel / motel accommodation.

The Bureau of Labor Statistics, however, noted that the ongoing crisis due to coronavirus made it somewhat more difficult to obtain information, as “data collection through personal visits” was suspended from March 16. Instead, information was collected online or by phone.

A summary of the consumer price index was published on Tuesday, May 12, after analysts and insiders of the meat industry predicted a rise in meat prices in the supermarket, and some spoke of continued growth in May. In April, the US Department of Agriculture also said that egg prices have tripled on average since early March due to shortages and demand.

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