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Grocery prices have gone up 13% in one year—the biggest increase since 1979.
"Consumers are finally catching a break with a cooldown from historically high inflation rates. But prices for certain common expenses — including food and rent — just keep on soaring." —Everyday Money
While the costs of gasoline and airfare have fallen, everyday expenses such as food and rent have soared.
"Consumer prices rose 8.5% on an annual basis in July, according to new data released Wednesday by the Bureau of Labor Statistics (BLS). Declines in gasoline prices and airfare are part of the reason for the improvement over the 9.1% annual growth rate in June, but essentials like groceries and rent are still getting more expensive. Grocery prices have risen 13.1% over the past year, the BLS said. That’s the largest annual increase since March 1979." —Everyday Money
Many supermarket staples have soared in price even more than others: coffee, flour, lunch meats, and breakfast cereal among them—it's a good time to go vegetarian!
"Some supermarket staples have seen even bigger spikes. The price of flour soared 22.7% over the past year, while breakfast cereal is 16.4% more expensive than it was in July 2021. Lunchmeat prices have surged 18%, and prices for chicken and coffee are up 17.6% and 20.3%, respectively." —Everyday Money
As if those spikes weren't already tough enough to manage for consumers who are barely recovering from the impact of the COVID-19 pandemic personally and financially, rent prices are continuing to soar!
"Rent is another expense that keeps getting more costly. Rent prices rose 0.7% from June to July, and they're up 6.3% on an annual basis nationwide. Rent has also spiked significantly higher in popular cities like Miami and Austin."