Food Prices Are Soaring

You were warned. Now it’s happening.

Food prices are skyrocketing. Wherever you look at the grocery store, items are a little higher than the last time you bought it, and it was a little higher than the previous time.

Dr. David Anderson, an agriculture economist at Texas A&M, says you’re going to see it in meat. “We looked at USDA retail price data for beef. They’re up about 7% over a year ago,” he says, adding that it’s not an entirely fair comparison because this time last year the entire nation was in a lockdown and all restaurants were closed. But you get the picture. “We’re really in this odd kind of comparison, but I think where we’re heading is a little higher meat prices, beef prices, I think pork prices as well.”

Bought bacon lately? The national average a year ago was $4.72 a pound, according to the Bureau of Labor Statistics. Now it’s $5.11. The eggs to go with the bacon are also more expensive. So are fruits and vegetables.

Ground beef has gone from $5.02 to $5.26 a pound. Ground beef is up 24 cents a pound and bread up 20 cents a loaf.

Manufacturers have cut back on coupons and discounts over the past year as so much business turned to e-commerce.

The White House said last week they expect your food prices to continue rising, and don’t expect they’ll come back down.

photo: Getty Images

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