Food prices are soaring at rates not seen since the late Seventies. From the meat counter to the bread aisle, many items on your grocery list are more expensive. According to the latest consumer price index released Tuesday by the Bureau of Labor Statistics, grocery prices jumped 13.5% over the last year.
Joe Brusuelas, RSM Chief Economist explained: “Food prices are up 11.4% on a year ago basis.” He added that “personal disposable income, well, that’s falling in real terms.”
Most food items are more expensive than a year ago including the bare essentials. Egg prices are up nearly 40 percent, flour got more than 23 percent more expensive, milk rose 17 percent and the price of bread jumped more than 16 percent.
The latest data released by the Bureau of Labor Statistics also shows restaurant menu prices increased 8 percent=. Experts say the increases are forcing many families to constantly re-do their budgets.