Take a Look at How Much Your Grocery Bill Went up Last Month
Written by
Josephine Nesbit
Edited by
Cory Dudak
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
What you pay at grocery checkout went up 0.3% in July, according to the latest data from the Bureau of Labor Statistics, and 3.6% over the last 12 months.
The Consumer Price Index (CPI) showed that from June to July, the price of uncooked beef roasts rose by 6.5%, uncooked beef steaks went up by 2.3% and uncooked ground beef was up by 1.5%. Overall, beef and veal were 2.4% more expensive in July. CNN reported higher prices are happening at the same time as the nation’s beef supply has been dwindling. Extreme drought pushes farmers to sell cattle quickly, and higher feed costs make it too expensive to maintain large herds.
But CNN also pointed out that beef prices weren’t the only food category that went up in July. Hot dog prices went up 2.7%, as well as apples (2.4%), citrus fruits (1.7%), ice cream (1.5%) and coffee and butter each went up 1%.
According to the U.S. Government Accountability Office, food prices generally increase around 2% per year, but they increased by about 11% from 2021 to 2022 thanks to inflation and global disruptions in the food supply chain.
Some economists expect food inflation to continue to moderate in the coming months, but there are still some risks, The New York Times reported. Diane Swonk, the chief economist at KPMG, told the publication that food prices could still face pressure from record heat on crop yields and the end of the Ukraine grain deal last month. She said consumers are still finding it difficult to afford groceries, even though prices are rising much slower than last year.
“For consumers who just now saw wages outpace inflation for the first time since the onset of pandemic on an individual basis, the level of prices is still too high for them,” according to Swonk.
More From GOBankingRates
